Oterprise Square office building in Tsim Sha Tsui, owned by the controlling shareholders of the Oriental Daily News, is being sold to a consortium for more than HK$2 billion, sources said.
The price is about to HK$11,600 per square foot.
'The building has attracted developers and foreign investment funds to submit bids in the past few months,' a source said without disclosing the buyer.
The nine-year-old Oterprise Square, at the junction of Nathan and Middle roads, is a 27-storey building with a gross floor area of 177,211 square feet. Its five floors of shops cover 59,643 sqft and the 22 office floors 117,568 sqft.
The annual rental income is estimated at more than HK$57 million, giving a yield of 2.5 per cent.
Property investors were eager to gain control of the building since few landlords on the prime shopping street have been willing to sell. Developers are active in Tsim Sha Tsui.