Savills has been appointed sole agent for a whole floor of On Hing Industrial Centre, 18, On Kui Street, Fanling. The asking price of the property is over HK$20 million, offering a rare investment opportunity.
The property spans an area of approximately 9,015 sq ft, has been divided into seven units with individual washrooms, with ceiling heights of up to 13 ft. Units range from 1,096 sq ft to 1,949 sq ft and are being sold with vacant possession.
As prices and rents of industrial buildings located in core areas are high, in order to lower operation costs, middle and small sized corporations are starting to consider moving to the Northern New Territories. Fanling is definitely a good choice for these corporations.
Raymond Pun, Director of Industrial Development and Investment, Savills said, “Currently, owners of properties in Fanling tend to be end users, while investors such as G2000 and Bossini have also purchased properties there. It is worth noting that 15 On Kui Street, Fanling was sold for HK$176 million (approximately HK$3,500 per sq ft) last year, indicating investors’ confidence in this area.”
He added that currently, the average asking price for strata-industrial properties in Fanling stands at approximately HK$2,500 per sq ft to HK$3,500 per sq ft, with limited supply. It is believed that Fanling industrial area will benefit from the latest development of the Northern New Territories and Liantang/Heung Yuen Wai Boundary Control Point, which suggest a bright future for this area.