International real estate consultancy Savills has been appointed as the sole agent for the tender sale of Possehl Building, 14-18 Ma Kok Street, Tsuen Wan.
International real estate consultancy Savills has been appointed as the sole agent for the tender sale of Possehl Building, 14-18 Ma Kok Street, Tsuen Wan.
The total site area of the property is approximately 20,000 sq ft and the gross floor area is 121,047 sq ft. The property is located in industrial town planning zone. There is potential to increase this gross area to 190,000 sq ft through redevelopment to plot ratio 9.5, subject to final approval. The site is classified as an industrial class C category and is adjacent to three streets in the area, enjoying great natural lighting.
Currently the property is occupied by a long-term multi-national corporate tenant providing a high yield rental income; however there is also great potential with the sale of the whole block to redevelop the site.
James Siu, Senior Director of Industrial, Savills said, "The sale of Possehl Building is a rare industrial investment opportunity in the Tsuen Wan area. The property provides the investors with variety of options as although there is huge potential to redevelop as it is a whole block sale, there is also the option for investors to continue with the stable tenants currently occupying the building and providing a high yield rental income. This really is a win-win for any investor.”