International real estate firm Savills has been appointed by the mortgagee as the sole agent for the sale of a basket of retail units, parking spaces and office units at The Rainbow, 22 Wang Yip Street South, Yuen Long, New Territories ("The Property"). The Property comprises 12 ground-floor retail shops, 19 car parking spaces, and a total of 8 office units located on portions of the 3rd, 5th, 9th and 10th floors, with a total gross area of approximately 35,638 square feet. The Property is being offered for sale on an “as-is” basis, partly with existing tenancies and partly on with vacant possession.
The retail portion of the Property has a total gross area of approximately 18,698 square feet, while the office portion has a total gross area of approximately 16,940 square feet. The standard floor-to-floor height is approximately 4.1 metres, providing spacious and practical accommodation with flexible layout options. Certain office units are equipped with private washrooms and shower facilities, while some also feature flat roofs and terraces, enhancing both the Property’s appeal and its potential for value appreciation.
The Property is situated within a well-established community and is surrounded by several large-scale residential developments comprising over 9,400 households, providing a stable and sizeable consumer catchment. In addition, it is conveniently located just a 3-minute walk from Long Ping MTR Station, offering excellent accessibility and connectivity.
Mr. Tommy Chan, Senior Director and Deputy Head of Investment & Sales at Savills Hong Kong said, “The indicative price for the Property is approximately HKD 300 million. With a population of over 670,000, Yuen Long benefits from a substantial consumer and workforce base. In addition, an adjacent industrial building has obtained approval for redevelopment into more than 1,000 residential units, highlighting the area's significant growth potential. The Property is particularly well suited for livelihood-focused businesses, including food and beverage outlets, educational institutions, beauty services, yoga studios and fitness centres, all of which can capitalise on the district's strong consumer demand.
The retail shops, office units and car parking spaces are being offered for sale as a portfolio package, presenting an attractive opportunity for investors and owner-occupiers. Some of the properties will be sold subject to existing tenancies, while others will be delivered with vacant possession, allowing purchasers the flexibility to implement strategies that best suit their needs, such as repositioning the assets, renovating the premises or restructuring the tenant mix, thereby enhancing the property's value and maximizing its return potential.”