International real estate firm Savills is appointed as the sole agent for the tender sale of Bayside House, 5B Stanley Main Street, Stanley ("The Property"). The property is a six-storey residential building with a total gross floor area of approximately 8,908 square feet. It comprises four shops on ground floor and five residential floors above, with two units per floor. The shops have gross areas ranging from 525 to 833 square feet, while the residential units have varying saleable areas of 492 to 676 square feet. The property is being offered for sale with existing tenancies. The tender will close at noon on March 8, 2024 (Friday).
Located in Stanley, the property enjoys a prime location surrounded by numerous local specialty shops, attracting a considerable number of visitors. Additionally, Stanley is renowned for its diverse range of restaurants and is well-equipped with various amenities such as supermarkets and shopping malls, all within a few minutes' walk. The property is conveniently situated just a 4-minute walk from the Stanley Village bus terminal and minibus station. Furthermore, the higher-level units offer panoramic sea views, combining a vibrant atmosphere with a touch of tranquillity.
Mr. Peter Yuen, Managing Director, Investment of Savills stated, “The owner acquired the land for redevelopment from the Hong Kong government in 1995, and this is the first time it is being put up for sale, making it an extremely rare opportunity. Taking reference from recent transactions in the same area, properties including the whole block building with shops at 3 – 5 Stanley New Street, were previously sold for HK$ 130 million, at an approximate unit price of HK$ 18,000. The current listed price of this property offers a discount of nearly 30% compared to previous listings, making it a highly attractive opportunity for both investors and users.”