Interest expected in Yuen Long building

PUBLISHED : Wednesday, 28 May, 2003, 12:00am
UPDATED : Wednesday, 28 May, 2003, 12:00am

Lai Sun Yuen Long Centre is being offered for sale by tender through CB Richard Ellis.

The 10-storey industrial building in Wang Yip Street East, Yuen Long, occupies a site of about 78,000 square feet and provides a total gross floor area of more than 458,000 sq ft.

According to CB Richard Ellis, the property is almost fully let and the achieved average rental is more than HK$2.50 per square foot a month.

The consultant said the project was in the immediate vicinity of the West Rail line and offered attractive rental returns.

It was expected to draw attention from the investment community.

CB Richard Ellis said property investors were starting to review investment opportunities in the industrial sectors.

This was obvious following the relaxation of government policy on the uses of traditional industrial buildings, such as rezoning industrial use as 'business' use in some of the outline zoning plans and promoting the innovative 'loft' concept.

A number of industrial investment transactions had been recorded in the past 12 months, CB Richard Ellis said.

The tender of Lai Sun Yuen Long Centre will close for submission on July 8.