International real estate firm Savills is appointed as the sole agent for the sale of a portfolio of shops and car parking spaces at Grand View Garden, No.185 Hammer Hill Road, including shops A, B, F,G, H and I on the G/F, shops C and E on the 1/F, and 309 car parking spaces on 2/F to 7/F ("The Property"). The Property has a gross floor area of approximately 23,400 square feet. It is being sold in "as-is" basis with existing tenancies, the Expression of Interest closing date is schedule at noon on 16 December 2024 (Monday).
The Property’s retail section comprises two levels, with each shop having a gross floor area ranging from approximately 450 to 7,000 square feet. Currently, the current occupancy rate for the shops is 93%, with tenants primarily consisting of restaurants, elderly care home, educational institutions, and convenience stores. The Property is located just about a 3-minute drive from Diamond Hill MTR Station, serving as a vital community shopping mall in the area, adjacent to six major residential estates and Stewards Pooi Tun Secondary School, which together house 6,544 units and 900 students. This results in stable foot traffic and a significant demand for essential retail shops.
Mr. Raymond Wan, Chief Senior Director of Investment at Savills Hong Kongsaid, “The indicative price for the Property is HKD 380 million, with a monthly net rental income of approximately HKD 1.65 million from the shops and parking spaces. Additionally, based on recent transactions of parking spaces at this property, the average transaction price is about HKD 830,000, indicating high demand and ease of sale. If the 309 parking spaces are sold separately, the return rate could exceed 10%, making this a rare high-return investment opportunity in the market that investors should not miss.”