Causeway Bay site offers market rare opportunity
An eight-storey residential and commercial building in Causeway Bay is being offered for sale by tender, a sign of confidence in the still buoyant secondary market.
Sole agent Jones Lang LaSalle will conduct a public tender for 5-5A Hoi Ping Road, Causeway Bay. The tender closes on November 9.
Strategically located in Hoi Ping Road, at the heart of one of Hong Kong's busiest commercial/retail districts, the property offers excellent accessibility and can be reached by various modes of transport.
The neighbourhood abounds in reputable office and retail developments, including The Lee Gardens, Lee Gardens Two, Times Square and Manulife Plaza. It is also home to a number of renowned brand names such as Louis Vuitton, Hermes, Chanel, Christain Dior, Cartier, Gucci and Prada.
The property covers a site area of about 3,499 sq ft and is marked for 'commercial/residential' purposes under the Outline Zoning Plan.
The eight-storey composite building on the site, completed in 1958, is fully leased and will be sold on an as-is basis with the existing tenancies.
'The property commands one of the most sought-after locations in Causeway Bay, and enjoys a high level of accessibility,' said Tony Lo, head of the investment department at Jones Lang LaSalle.
'The proposed Public Transport Interchange in Leighton Road will draw even more visitors and boost the pedestrian flow in the area.
'The last major transaction in the vicinity was concluded 13 years ago, when Capital Building at 6-10 Sun Wui Road was sold for over $180 million.
'Given the redevelopment potential of the property and the limited availability of retail/commercial and residential properties in the area, the property represents a rare and lucrative investment opportunity.
'We expect it to become the focus of the market,' Mr Lo said.
