Savills has been appointed the sole agent for the sale of Commercial House, 35 Queen’s Road Central, Central; Fook Lee Commercial Centre, 33 Lockhart Road, Wanchai; and Fook Shun Industrial Building, 11 On Chuen Street, Fanling.
Savills has been appointed the sole agent for the sale of Commercial House, 35 Queen’s Road Central, Central; Fook Lee Commercial Centre, 33 Lockhart Road, Wanchai; and Fook Shun Industrial Building, 11 On Chuen Street, Fanling.
Tender closing dates
35 Queen’s Road Central – 30 July 2014 (Wednesday) at 12:00 noon
33 Lockhart Road, Wanchai and Fook Shun Industrial Building, 11 On Chuen Street, Fanling – 21 July 2014 (Monday) at 12:00 noon
Commercial House, 35 Queen's Road Central, Central
Completed in 1957, this property is currently a 13-storey commercial building (including basement), covering a site area of approximately 2,805 sq ft. The B/F and G/F are for retail use, while the 1/F to 11/F are for office use. The maximum available GFA is 42,075 sq ft, based on the maximum plot ratio. The property is to be sold on an 'as-is' basis, with the existing tenancies.
Commercial House at 35 Queen's Road Central is a prime opportunity for investors, especially since en-bloc buildings are rarely up for sale and the shops are currently marked up at a high value.
Raymond Lee, CEO of Greater China, Savills, said, “Location is a major factor affecting the value of the property. The property is conveniently located in the prime area of Central, neighbouring the Landmark, luxury fashion flagship stores, Soho, Lan Kwai Fong, and other entertainment, dining and leisure attractions.”
The supply of commercial buildings is expected to remain limited, which in turn will result in the prices of these properties increasing.
Fook Lee Commercial Centre, 33 Lockhart Road, Wanchai
This property is a 31-floor commercial building, with a GFA of 79,792 sq ft and a standard floor area of approximately 3,300 sq ft. The lobby on the G/F contains 21 shops, while the 1/F to 6/F are parking areas, and the 7/F to 31/F are for office use. The property is to be sold on an 'as-is' basis, with existing tenancies and building naming rights.
Fook Lee Commercial Centre is located in the core commercial area of Lockhart Road, Wanchai, and is just a few minutes walk from Admiralty and Wanchai MTR stations. It is close to prime commercial buildings, such as Harcourt House and Mass Mutual Tower, as well as many established and up-and-coming restaurants.
Raymond Wan, Deputy Senior Director of Investment, Savills, said, “There are a number of urban renewal and commercial development projects completed while some are still ongoing in Wanchai. The commercial area is expanding and business and investment sentiment in Wanchai will increase along with development. Certainly, Wanchai will continue to attract both investors and end users for the foreseeable future.”
11 On Chuen Street in Fanling – Fanling Sheung Shui Town, LOT No. 2
The property is a high-quality industrial warehouse, with a site area of 25,952 sq ft and a total GFA of approximately 129,239 sq ft (each floor is approximately 23,000 sq ft). The property is to be sold on an 'as-is' basis and with the existing tenancies.
The logistics industry in Hong Kong is developing rapidly and there is an increasing demand for specialised warehouses. Under the revitalisation measures for industrial buildings, many owners choose to convert their warehouses or industrial buildings into hotels and offices. As a result, there is a shortage of warehouse space, subsequently pushing up rents.
James Siu, Head of Kowloon Industrial and Commercial Sales, Savills, said, “This warehouse space is open on three sides, with truck loading and unloading areas. It has high ceilings, a high load area and four cargo lifts, making it a great choice for warehouse investment. As the new boundary control point (BCP) at Liantang is scheduled for completion in 2018, it will be a very convenient location to store and then transport goods to mainland China.”
James added that the current vacancy rate of warehouse space is almost zero and demand remains strong. It is believed that warehouse rents will grow significantly in the coming years as new supply fails to meet current market demand.