Savills Hong Kong appointed as sole agent for Radiant Centre, 7 Cannon Street, Causeway Bay. Spanning a total area of 11,000 sq ft, including three prime street shops, the vendor is currently asking for HK$450 million.
Savills Hong Kong appointed as sole agent for Radiant Centre, 7 Cannon Street, Causeway Bay. Spanning a total area of 11,000 sq ft, including three prime street shops, the vendor is currently asking for HK$450 million.
Tim Wong, Director of Investment of Savills said the location of the property is prime and traffic flow is high. With the redevelopment of the Central Mansion opposite to the captioned property, it is expected that the property will attract investors who are keen on en-bloc or retail shops investment. This is a rare opportunity because only two commercial whole block transactions happened in Causeway Bay so far this year.
Joseph Leung, Deputy Senior Director of Savills revealed that the price and rental of ground floor retail shops in Causeway Bay have soared 25% and 19% respectively, while the number of transactions of over HK$100 million or above of the retail shops within the district reaches 10 in the first half of 2011. This phenomenon has signified the depreciation of Hong Kong dollar and investment opportunities started to shift from residential market to retail market.