Savills is pleased to announce the completion of a HK$300 million transaction involving 1/F and 2/F of Jade Mansion in Yau Ma Tei between a local investor and the family of the late Mr. Tang Shing Bor (the vendor). The acquisition is one of four transactions recently facilitated and closed by Savills for the vendor. Together, the four transactions accounted for a total sum of close to HK$2 billion.
Situated on 40 Waterloo Road in Yau Ma Tei, Kowloon, the property comprises 1/F and 2/F of Jade Mansion with a GFA of around 18,800 sq ft in total. There is exterior signage space of 89 to 104 feet in length on the building façades facing Nathan Road and Waterloo Road respectively.
The vendor appointed Savills in 2020 for the disposal of the property, which it bought in 2009 for HK$62.23 million, and made a profit of around HK$240 million with the disposal. Currently being let to an operator of elderly care homes on a lease that runs until 2030, the property is sold with existing tenancy and the yield is around 4.2% on average.
The latest transaction adds to a series of deals closed by Savills for the vendor, the rest being the transactions of ground floor retail space of Railway Plaza in Tsim Sha Tsui for HK$206.8 million, en-bloc of 339 to 345 Shanghai Street plus four shops on ground floor for HK$183.8 million, and On Yam Shopping Centre and Shek Wai Kok Commercial Centre and their respective carparks which were sold for a combined HK$1.3 billion. The above transactions were completed in the span of barely a month and accounted for a sum of around HK$2 billion in total.
Mr. Peter Yuen, Managing Director, Head of Investment & Sales of Savills commented: "Situated in the core area of Kowloon and with easy access to MTR Yau Ma Tei station, Kwong Wah Hospital and Queen Elizabeth Hospital, Jade Mansion is an ideal location for elderly residential care homes. The steady stream of business gives rise to a stable rental income and makes the property attractive to investors."