The commercial property market has been heated up with substantial transactions recently. A number of buyers are acquiring Grade A offices for own use or for lease. The upper floors of Far East Finance Centre and Bank of America Tower in Admiralty were sold at the price of HK$ 33,900 per sq ft and HK$ 33,815 per sq ft, respectively in August. Whereas the top floor of The Center which is next to the Grand Millennium Plaza, was sold at a record price of HK$ 38,000 per sq ft. The estimated price of Grand Millennium Plaza (Low Block) is HK$ 21,000 per sq ft and the average rental price is at HK$55 per sq ft which represents approximately 3% yield in rental. With its prominent location, floor space, quality and the reasonable price, the property is said to be a combination of perfectly unique.
The commercial property market has been heated up with substantial transactions recently. A number of buyers are acquiring Grade A offices for own use or for lease. The upper floors of Far East Finance Centre and Bank of America Tower in Admiralty were sold at the price of HK$ 33,900 per sq ft and HK$ 33,815 per sq ft, respectively in August. Whereas the top floor of The Center which is next to the Grand Millennium Plaza, was sold at a record price of HK$ 38,000 per sq ft. The estimated price of Grand Millennium Plaza (Low Block) is HK$ 21,000 per sq ft and the average rental price is at HK$55 per sq ft which represents approximately 3% yield in rental. With its prominent location, floor space, quality and the reasonable price, the property is said to be a combination of perfectly unique.
Grand Millennium Plaza is located at 181 Queen's Road Central, Sheung Wan. The gross floor area of each level is approximately 15,451 sq ft, the total gross floor area of the two floors is approximately 30,902 sq ft. It is extremely rare to find such huge commercial spaces in Central, especially with large open areas. The spacious column-free floors allow for more flexibility in design. For example, increasing the sense of space by incorporating a built-in staircase within the area through both floors, that would also help open up the two floors with a ceiling of up to 25 ft. The property is now for sale along with four parking spaces.
Sam Mock, Senior Director of Investment, Savills says, “Grand Millennium Plaza is a well-known Grade A office building. A lot of mainland Chinese companies are looking for Grade A offices in Central and Admiralty. They prefer a spacious office that allows flexibility in terms office design and layout. Grand Millennium Plaza is definitely one of the best locations for them to consider for their headquarters. The expected selling price is below average market price, there is no doubt that this property will attract a lot of buyers and investors.”
Tender closing date: Wednesday, 26 October 2016, 12 noon