Savills has been appointed by Champion REIT as the principal agent for the global tender sale of “Langham Place Office Tower”. Located at 8 Argyle Street, this iconic commercial building is the second highest in Kowloon.
Savills has been appointed by Champion REIT as the principal agent for the global tender sale of “Langham Place Office Tower”. Located at 8 Argyle Street, this iconic commercial building is the second highest in Kowloon.
Raymond Lee, CEO of Greater China, Savills who is leading the project, remarked, “the sale of such a landmark property will attract interest from investors and buyers who possess a “collector mindset”. Located in the heart of Kowloon and right above Mongkok MTR Station, the skyscraper also benefits from the neighbouring Langham Place Mall and Cordis Hotel. The occupancy of the tower has reached 100 per cent. I strongly believe that the successful sale of the property will mark a new record in Kowloon’s commercial market. It is worth mentioning that the building height limit set by the Government has further amplified the value of this “Langham Place Office Tower” as there will not be another chance to develop a building of this height in the area.”
With Raymond’s success in completing a handful of significant deals in London, Sydney and Melbourne namely the Leadenhall Building, Exchange Center (ASX) and 12 Riverside Quay (Headquarters of Exxon Mobil in Melbourne), he has a thorough knowledge of the logistics behind selling iconic buildings globally. He believes that potential buyers will come from the Mainland, Hong Kong and even the Middle East. Raymond anticipates that indicative price for this extraordinary property is around HK$24.5 to 25 billion (over HK$35,000 per sq ft)
Tender Closing date is scheduled by September / October 2017.