DESPITE an oversupply of industrial space in Hong Kong and an overall downturn in rents and prices, property consultant C. Y. Leung & Co is confident there will still be demand for high-quality industrial facilities like the Hermes Centre in Kwun Tong. Marketing of the Hermes Centre, at No 50 Hoi Yuen Road, began just over a week ago with more than 100 people visiting the uncompleted building on opening day. Even with last week's typhoon, 10 people still showed up to view the industrial facility, said Francis Li, director and head of C. Y. Leung & Co's industrial department, which is marketing the project. The project has been developed by local garment and textile manufacturer Binnington. During phase one of the marketing campaign, five floors (3,5,7,12 and 17) are being sold while another three floors (9,10 and 11) are up for rent. The eight units on each of the five floors for sale range in size from 544 gross square feet to a maximum of 1,648 gross sq ft. These units will be selling for between $1,900 and $2,470 per sq ft. Similarly sized units up for rent are leasing for $11.90 per sq ft. Some property experts believe the prices and rents being asked by Binnington may be a bit high. Paul Anderson, head of the commercial department at Colliers Jardine, said the nearby Apec building developed by Sun Hung Kai Properties was leasing for between $8 to $9 per sq ft, with the lower floors going for $8.50. The Hermes Centre is by no means the most expensive in the area, however. The Lever Centre, for instance, is now leasing for between $14 and $15 per sq ft. Mr Li did not think the prices they were charging would deter industrial tenants. The Lever Centre is more than 60 per cent full, he said, as was the nearby Apec building. The Yang Sing building located nearby is also leasing well, he said. Mr Li said part of the reason for the interest shown in the Hermes Centre was that its construction was in keeping with the latest generation of industrial facilities popping up around Hong Kong. The outside of the building has a bluish-green reflective curtain wall and the lobby is done in Italian granite. The building is managed by Jones Lang Wootton and includes a 24-hour security camera service. The building, well situated in Kwun Tong, is at the junction of major arteries and within easy reach of the Kwun Tong Bypass, the Eastern Harbour Crossing, the Airport Tunnel and the Tate's Cairn Tunnel. It is only a five-minute walk from a Mass Transit Railway station. All other forms of public transport are within easy reach. FACT FILE DEVELOPMENT: Hermes Centre, 21 storey industrial building at 50 Hoi Yuen Road, Kwun Tong DEVELOPER: Binnington NUMBER OF FLOORS/UNITS FOR LEASE: three floors with eight units each NUMBER OF FLOORS FOR SALE: five floors with eight units each SIZE OF UNITS FOR LEASE/SALE: 544 sq ft gross to 1,648 per sq ft PRICE OF UNITS FOR LEASE: $11.90 per sq ft PRICE OF UNITS FOR SALE: $1,900 to $2,470 per sq ft MARKETING AGENT: C. Y. Leung & Co PROPERTY MANAGEMENT COMPANY: Jones Lang Wootton TERMS OF LEASE: two years fixed; one month rent free; commencement date March 1, 1966. TERMS OF SALE: i) initial deposit of $60,000; ii) 10 per cent upon signing formal sales agreement; iii) another10 per cent within next 30 days; 80 per cent balance to be paid within 14 days of receiving occupation permit.