International real estate firm Savills is delighted to announce the successful completion of the transaction of entire floor of 2/F and 3/F, Odeon Building, No. 28 Shu Kuk Street, North Point (the "Property"). The total gross area is approximately 22,000 square feet, with a transaction price of HKD 107 million, representing a unit price at around HKD 4,864 per square foot, sold with the existing tenancy.
The Property has been leased by an elderly home tenant for many years and currently has approximately 129 beds (according to information from the Social Welfare Department's website), providing stable rental returns for buyers. The property is in an excellent location, with three sides facing Java Road, Shu Kuk Street, and Marble Road, and is situated right atop the North Point MTR Station, ensuring a constant flow of foot traffic.
Mr. Thomas Ng, Manager, Investment at Savills Hong Kong said, "The property is currently yielding over 8%. The purchaser values the high return and the stable rental capability of the Elderly Home Premises. In an environment of sustained high interest rates and a fluctuating commercial market, it is anticipated that such stable, high-yield elderly home premises could be rapidly absorbed by the market."