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SCMP Reporter

THE 17-storey Topsail Plaza is one the first warehouse and industrial buildings in Siu Lek Yuen, which is becoming an established centre for warehousing and distribution in the Sha Tin area.

  'Siu Lek Yuen has become popular because of the low density of buildings, lack of traffic congestion and good access to tunnels,' said Paul Anderson, director of the industrial department at Colliers Jardine.

  Mr Anderson said the estimated travel time from Siu Lek Yuen to Kai Tak airport was only 10 minutes via the Tate's Cairn Tunnel, while Kwun Tong was only 15 minutes away.

  Using the Lion Rock Tunnel, the drive to Tsim Sha Tsui took 15 minutes, while a trip to the Kwai Chung Container Terminal via the Shing Ma Tunnel was 20 minutes.

  The Topsail building is classed as warehouse and industrial, meaning that 70 per cent of the space can be used for storage and 30 per cent for offices.

  The developer is putting the building on the market for either lease or sale.

  According to Mr Anderson, rents start at $8 per square foot per month, with asking prices beginning at $1,400 per sq ft.

  Given the oversupply of industrial space on the market, Mr Anderson said the developer would be willing to negotiate a rent-free period.

  It is possible to rent units as small as 700 sq ft or an entire floor measuring about 24,000 sq ft.

  Floor plates range in size from just over 27,000 sq ft gross on the first floor to 34,668 sq ft gross on the second floor.

  Higher floors have a slightly smaller floor plate and measure about 23,899 sq ft gross, according to Colliers Jardine officials.

  There is direct vehicle access to the lower floors (from the ground floor to fourth floor) by a ramp.

  So far, Sime Darby has bought a total of 60,000 sq ft on the third and fourth floors which it will use as a service centre for the New Territories, according to Colliers Jardine officials.

  The agency is also in the process of negotiating two more deals involving 7,000 to 8,000 sq ft of space, according to Steven Chung Sui-yin, manager of the industrial department at Colliers Jardine.

  Mr Chung says the building will benefit companies needing industrial and warehouse space who distribute in Hong Kong.

  'The [building] is ideally located between the China border and the downtown area, which can be accessed through tunnels,' Mr Chung said.

  This area would be popular with those doing business in China, he said.

  All told, there would be a total of three more warehouse and industrial buildings coming on stream in the area.

  A project by Wheelock is still under construction but expected to get its certificate of compliance soon.

  Later this year, developers Sino Land Tai Chung are expected to complete buildings in the area.

  However, Mr Chung was confident Colliers Jardine would be able to lease out the space in Topsail Plaza as the building was first on the market.

 NAME OF DEVELOPMENT: Topsail Plaza  LOCATION: Siu Lek Yuen, Sha Tin  DEVELOPER: E. Wah/Aik Sam  BUILDING TYPE: Warehouse/Industrial CONDITIONS: All floors for sale or lease; Part or whole floor;   Minimum unit size 700 square feet to 24,000 sq ft gross;   Floors three and four already pre-sold.

  FLOOR PLATE: Up to 34,668 sq ft gross  RENTS: From $8 per sq ft  SALES PRICE: From $1,400 per sq ft  AMENITIES: Four cargo lifts and passenger lifts; tennis court on roof.



Topsail Plaza looks to tap warehouse trend