Savills has been appointed as the sole agent for the tender sale of OVEST - a serviced office block on 77 Wing Lok Street in Sheung Wan. The tender closing date is 22 July 2015 (Weds) at 12 noon. The indicative price is HK$780 million.
Savills has been appointed as the sole agent for the tender sale of OVEST - a serviced office block on 77 Wing Lok Street in Sheung Wan. The tender closing date is 22 July 2015 (Weds) at 12 noon. The indicative price is HK$780 million.
Neighbouring key commercial buildings include Cosco Tower, Infinitus Plaza and Wing On Plaza, OVEST is within walking distance to the central business district and has excellent connectivity. It is opposite the Sheung Wan MTR Station (Exit A2) and close to the Hong Kong-Macau ferry Terminal and the Mid-Levels Escalators.
The building comprises 24 floors, with typical floor plate of 2,000 sq ft and a total gross floor area of 47,819 sq ft - ground floor to 27th floor (4th, 14th and 24th floors are omitted), with two shops on the ground level and office units from the 3rd floor to 26th floor. The building is unrivalled by any other commercial building in the area, due to the renovation which took place in 2014 when the exterior was given a new curtain wall and the lift lobby upgraded (marble and digital display).
Raymond Wan, Deputy Senior Director and Head of Office Sales, Savills said, “After the renovation and repositioning, OVEST transformed into a serviced office block. The rent has doubled to HK$50–70 per sq. ft., translating to a yield of over 3%. Sheung Wan is poised for a facelift and will soon transform into a commercial-hotel district.”
He continued saying that the latest transactions in the neighbourhood include 151 Hollywood Road (HK$17,000 per sq ft) and three floors at Continental Place at 238 Des Voeux Road (HK$25,000 per sq ft). Comparatively, the selling price of OVEST is more attractive to potential buyers and we expect it to attract a number of end users and long-term investors.”