Savills has been appointed sole agent for a public tender sale of 5/F and two parking spaces of 181 QRC - Grand Millennium Plaza (Low Block). The area is 15,451 sq ft. The indicative price is HK$300 million. Tender Closing Date: 13 June 2016 (Monday)
Savills has been appointed sole agent for a public tender sale of 5/F and two parking spaces of 181 QRC - Grand Millennium Plaza (Low Block). The area is 15,451 sq ft. The indicative price is HK$300 million. Tender Closing Date: 13 June 2016 (Monday)
Grand Millennium Plaza, also known as 181 QRC, is definitely one of the signature office buildings in Sheung Wan. The 28-storey Grade A office comprises a retail podium and 23 floors of office space with a combined gross floor area of 383,091 sq ft. With its easy accessibility, financial institutions and international groups such as HSBC, Bank of China Insurance and Guotai Junan were attracted to set foot at the property.
Since the last quarter in 2015, strata-titled office transactions were active. To name a few transactions, they include 25/F, 181 QRC for HK$339.9 million and 24/F, Lippo Centre - Tower One for HK$372 million.
Peter Yuen, Managing Director and Head of Sales and Investment, Savills said, “181 QRC has a beautiful background story to be revealed. Savills were instructed by a private equity real estate investment fund, named MGPA to divest the property on a a strata-title basis to increase returns. We managed to secure an anchor buyer for approximately 35% of the building for USD$133 million within short period of time and MGPA was eager to continue the marketing campaign in the strata-titled format. Within just two months, Savills has successfully conducted most successful office strata-title campaign ever seen in Hong Kong, transacting the entire property within two months for US$542 million in total. This shows that 181 QRC possesses its unique charisma and is popular among prestigious buyers and tenants.”
Peter continued saying that, leasing demand for Grade A offices in core area has always been promising, resulting in positive investment sentiment. With the continued support from the Mainland corporations for Grade A offices on Hong Kong Island and the rare availability of a floor of over 10,000 sq ft, I believe that this opportunity will generate a lot of interest from both investors and end users.”