Savills has been appointed sole agent for the tender sale of The L.Plaza, 367 – 375 Queen's Road Central, Sheung Wan. The market price of the property is approximately HK$850 million. The tender closing date is 8 September (Tuesday) 2015.
Savills has been appointed sole agent for the tender sale of The L.Plaza, 367 – 375 Queen's Road Central, Sheung Wan. The market price of the property is approximately HK$850 million. The tender closing date is 8 September (Tuesday) 2015.
Currently located on the site is a 22-storey office building built in 1984. The site area is approximately 58,269 sq ft with a 78 ft-wide frontage. The building is close to Sheung Wan Civic Centre and is only a 5 minute walk from Sheung Wan MTR Station. The renovation for the exterior wall, lobby, various washrooms and the elevator lobbies was completed in 2013-2014. Currently, most of the units are leased.
As the West Island Line is soon to be completed and the Transport Department and the Highways Department have suggested installing a second Central–Mid-Levels escalator and walkway system to connect Hollywood Road and Bonham Road by Pound Lane, the Sheung Wan area should stand to benefit. Recently Sheung Wan has also begun to attract well-known restaurants and hotels.
As for the food and beverage industry, apart from traditional restaurants such as West Villa Restaurant and Shung Hing Chiu Chow Restaurant, there are lots of high-end Italian, French and Japanese eateries entering this area. For instance, the Pemberton on Bonham Strand has changed its office units to food and beverage usage and has successfully attracted relevant tenants. Wagyu Kaiseki Den, a Michelin-star restaurant, is situated in a Butterfly, a boutique hotel on Hollywood Road. Coffee shops such as Starbucks and Pacific Coffee can be found in the area, reflecting the rising purchasing power in the neighbourhood.
Jonathan Chau, Director of Investment, Savills said, “As investment prospects are deemed positive, owners of en bloc buildings in Central and Sheung Wan are less willing to sell their properties. This property is the only large floor-sized whole building for sale in the current market.” He believes that because the floor area of the property is large, this will result in a greater degree of flexibility for the future landlord. It is expected that the property will attract lots of investors and end-users.
In fact, investors have shown a lot of confidence in Sheung Wan and a few large whole building transactions have been recorded in the area.