Savills and Colliers International have been appointed joint-sole agents for the open tender sale of Yip’s Chemical Building on 13 Yip Cheong Street. The tender will close at 5pm on 30th April 2015.
Savills and Colliers International have been appointed joint-sole agents for the open tender sale of Yip’s Chemical Building on 13 Yip Cheong Street. The tender will close at 5pm on 30th April 2015.
Yip’s Chemical Building was built in 1990, with an approximate floor area of 12,895 sq ft. It is now a six-storey industrial building with a total gross floor area of 63,897 sq ft with parking spaces included. The building was allocated for industrial use through city planning.
The whole building has benefited from the policy on revitalisation of industrial buildings and therefore could be transformed without charge into retail or office use. The property is also situated in a convenient location as walking from the property to Fanling MTR Station takes only 8 minutes. With a perfect panoramic view and spacious environment, the property shows strong investment sentiment.
As a whole, industrial buildings in Fanling are prevailing in the property market. There have been 6 large deals involving whole industrial buildings in the past 4 years. These include the Mineron Centre which was bought by a senior investor in August last year and the whole industrial building on On Chuen Street, which was bought by a construction company under Sun Hung Kai at a price of 405 million in July last year. This reflects that investors have high levels of confidence in the industrial properties in the Northern part of the New Territories.
James Siu, Senior Director of Savills Industrial Development & Investment, Savills, said, “There have been several deals involving whole industrial buildings in the western and northern part of the New Territories in the past year. Investors and owners see opportunities in these properties due to the cooperation between Hong Kong and Mainland China, as well as the potential revitalisation in the area. This property is of high quality and located in an ideal location. In addition to this there is a lack of low density industrial buildings for sale on the market. Therefore, this property should attract lots of bidders.’’