Savills has been appointed the sole agent for the public tender sale of Oriental Commercial Building, 4 Tung Fong Street, Yau Ma Tei, Kowloon. The tender will close on 16 November 2011 at 12:00 pm.
Savills has been appointed the sole agent for the public tender sale of Oriental Commercial Building, 4 Tung Fong Street, Yau Ma Tei, Kowloon. The tender will close on 16 November 2011 at 12:00 pm.
The property is in a very convenient location, within a two-minute walk from exit A2 of Yau Ma Tei MTR Station and a five-minute walk from the Mong Kok Pedestrian Zone, which enjoys high pedestrian traffic day and night.
It is a 14-storey modern boutique commercial building, with a gross floor area of approximately 11,350 sq ft. With a single office unit on each floor, high privacy is ensured.
Sam Mock, Deputy Senior Director of Investment, Savills reveals that investors are currently looking for whole-block investments. Recent whole-block transactions include Hotel 36 (36 Boundary Street) for HK$298 million, Tower 188 (188–190 Hennessy Road) for HK$268 million, and now Oriental Commercial Building, which is up for sale.
Since the subject property will be sold with vacant possession, it is very suitable for end users, such as educational institutions or health care centres. The lobby is decorated in a European style and is in a decent condition, while the upper floors enjoy open views. The estimated market value of the subject property is approximately HK$90 million, while the estimated rental is approximately HK$300,000 per month, together with the naming rights and management rights.