International real estate consultant Savills has been appointed as sole agent to dispose a portfolio of properties:
• Whole Block of WOON YIN BUILDING, Nos. 168-170 Hennessy Road, Wanchai• Whole Block of HENNESSY COURT, Nos. 333-335 Hennessy Road, Wanchai• Whole Block of LUNG TANG BUILDING, No. 204 Hing Fong Road, Nos. 41-43 Shing Fong Street, Nos. 31-41 Ko Fong Street, Kwai Fong• Whole Block of TANG TAT BUILDING, Nos. 214-216 Yee Kuk Street, Shamshuipo• Portion of WANCHAI COMMERCIAL CENTRE, Nos. 194-204 Hennessy Road, Wanchai
International real estate consultant Savills has been appointed as sole agent to dispose a portfolio of properties:
• Whole Block of WOON YIN BUILDING, Nos. 168-170 Hennessy Road, Wanchai
• Whole Block of HENNESSY COURT, Nos. 333-335 Hennessy Road, Wanchai
• Whole Block of LUNG TANG BUILDING, No. 204 Hing Fong Road, Nos. 41-43 Shing Fong Street, Nos. 31-41 Ko Fong Street, Kwai Fong
• Whole Block of TANG TAT BUILDING, Nos. 214-216 Yee Kuk Street, Shamshuipo
• Portion of WANCHAI COMMERCIAL CENTRE, Nos. 194-204 Hennessy Road, Wanchai
Raymond Lee, CEO Greater China of Savills said that the owner of this portfolio is an industrialist with trading background. Some properties were built by them as long term investment and generating rental income. After discussion amongst family members, the owner appointed Savills as sole agent to dispose the properties and share the sale proceeds. The capital is expected to involve HK$2 billion.
Properties in the portfolio will be disposed on individual basis. The first batch is (1) LUNG TANG BUILDING, No. 204 Hing Fong Road, Nos. 41-43 Shing Fong Street, Nos. 31-41 Ko Fong Street, Kwai Fong and (2) WOON YIN BUILDING, Nos. 168-170 Hennessy Road, Wanchai.
WOON YIN BUILDING, Nos. 168-170 Hennessy Road, Wanchai is a commercial-residential composite building, which is rarely on market for sale. The building is strategically located in the heart of Wanchai, capturing all pedestrian flow in the locality. This city centre is well served by offices, dining, entertainment, hotels and leisure facilities. The building is immediately adjacent to Wanchai MTR, which connects with lift to MTR and footbridge to Wanchai North and Convention and Exhibition Centre. The Shatin-Central Link in construction also adds a new fast track access to Kowloon and energizes the connectivity with other hot spots.
A 14-storey building with G/F shop and approved cockloft, the upper floors from 1-12/F of Woon Yin Building offers 24 domestic flats. The existing total gross floor area of the building is about 22,368 sq ft plot ratio about 11.7. Potential purchasers may consider redeveloping this 1,915 sq ft site to a new block about 28,725 sq ft plot ratio about 15, subject to approval. Redevelopment to small units receives excellent market response and achieves much higher unit rate than typical large units in the same locality. Successful examples in market are W50 developed by Sun Hung Kai and The Star developed by Galaxy.