International real estate firm Savills has been appointed as the sole agent for the sale of Winland House, No. 412 – 420 Castle Peak Road ("The Property"). The Property has a gross area of approximately 84,510 square feet and a site area of approximately 5,580 square feet. It is being sold on an "as-is" basis with partial existing tenancies and partial vacant possession. The Expression of Interest closing date is scheduled for noon on December 16, 2024 (Monday).
Winland House was renovated in 2023 and features a stunning elevator lobby. The ground floor to the 8th floor is designated for retail use, with a gross area ranging from approximately 3,100 to 6,600 square feet, suitable for restaurants, educational institutions, medical facilities, churches, and elderly care homes. The 9th to 29th floors are designated for office use, with each floor having a gross area of approximately 2,680 square feet.
The Property is located in a core community area of Cheung Sha Wan, surrounded by several private residential buildings and public housing estates, while also adjacent to industrial and commercial zones. This area combines essential community needs, leisure activities, and a diverse commercial customer base, resulting in continuous foot traffic. It is about an 8-minute walk to both Cheung Sha Wan and Lai Chi Kok MTR stations, and only a 15-minute drive to both Hong Kong Polytechnic University and City University of Hong Kong.
Mr. Raymond Wan, Chief Senior Director of Investment at Savills Hong Kongsaid, “The indicative price for the Property is HKD 700 million, with an expected monthly rental income of approximately HKD 2.9 million. Additionally, the Property has high potential and aligns with the new government's policy initiative for student dormitories under the ‘Study in Hong Kong’ program. There is a possibility to change its use to a student dormitory in the future, making it a top investment choice during the interest rate cut period.”