Savills has been appointed sole agent for the public tender sale of 69 Jervois Street in Sheung Wan. Tender closing is scheduled for 23 October 2015 (Friday) at 12 noon. The indicative price of the property is HK$1.5 billion.
Savills has been appointed sole agent for the public tender sale of 69 Jervois Street in Sheung Wan. Tender closing is scheduled for 23 October 2015 (Friday) at 12 noon. The indicative price of the property is HK$1.5 billion.
Completed in 1999, the 32-storey commercial building has a site area and existing built gross floor area of approximately 6,189 sq ft and 102,177 sq ft respectively. Retail usage is allocated on G/F and carpark spaces are on 1/F to 5/F. Office usage runs from 7/F to 34/F. All units are currently leased out and it is to be sold on an as-is basis.
The property is located in an ideal area which offers excellent access to the very best of Hong Kong’s many attractions. Prime office towers such as Cosco Tower and Grand Millennium Plaza are easily accessible while hotels such as Holiday Inn Express and The Jervois are nearby.
Peter Yuen, Deputy Managing Director and Head of Investment and Sales, Savills said, “Jervois street has recently accommodated many new and stylish restaurants which create a relaxing ambience for this community. Apparently, 69 Jervois Street is the only whole commercial block available for sale in Sheung Wan. As the parking spaces in Central and Sheung Wan are extremely limited, the property for sale possesses five parking levels, which will definitely attract a lot of attention from both investors and end-users.”
Sheung Wan has recently become one of the most popular areas for en-bloc and hotel investment. Latest en-bloc transactions in Sheung Wan include The L.Plaza (sold for HK$810 million), Ovest (sold for HK$750 million), Centre Hollywood (sold for HK$550 million) and a hotel site at 87-89 Des Voeux Road (sold for HK$338 million).
On a separate note, Savills has concluded a number of notable deals including Wincome Centre in Central (HK$1.3 billion), 5-7 Homantin Street (HK$628 million) and 90 per cent of ownership of Glassview Commercial Centre in Yuen Long (HK$238 million). Peter believes more exciting transactions will be followed in the rest of the year.