International real estate consultancy Savills has been appointed as sole agent for the tender sale of the whole building on 28 Austin Road in Tsim Sha Tsui. The tender closing date is 19 August (Weds) 2015 at 12 noon.
International real estate consultancy Savills has been appointed as sole agent for the tender sale of the whole building on 28 Austin Road in Tsim Sha Tsui. The tender closing date is 19 August (Weds) 2015 at 12 noon.
The 18-storey property for sale has retail usage on G/F to 3/F with an approximate area of 5,463 sq ft; the 4/F – 18/F are for office use with an approximate area of 12,465 sq ft; the total gross floor area of the two parts is 17,928 sq ft. The property is to be sold on an 'as-is' basis, with the existing tenancies.
28 Austin Road is close to the Kowloon Cricket Club, and Jordan MTR station is within easy walking distance. The transportation network is excellent.
James Pong, Director of Investment, Savills said, “The West Kowloon Cultural District and the Guangzhou-Shenzhen-Hong Kong Express Rail Link will be completed soon. The Express Rail Link will provide enormous commercial demand in Tsim Sha Tsui and Jordan. The former owner of Austin Road is Capital Base Development. The seventh boutique hotel by the mentioned company will be developed there and the total investment is approximately HK$100 million. It is expected that the hotel will provide around 200 rooms and that visitors will provide lots of commercial opportunities for the area. Additionally, there have been active large-deal transactions recently. Whole buildings are always very attractive to investors and buyers and it is believed this property should attract lots of bidders.’’
He pointed out that the property is located on one of Kowloon’s famous food streets, which shows that the property has the potential to become a brand new concept commercial building.