With supply tight, Wheelock's former flagship in Central could fetch $2b
Wheelock & Co's Lane Crawford House on Queen's Road Central is on the market, and with the office and retail property rebound and tight supply of new commercial properties in Central, property consultants said it would draw keen competition from Hong Kong developers and overseas firms.
Wheelock is inviting local and foreign firms to bid. Private tenders will close on September 12.
Henry Lam Wai-hon, executive director of sole property agent CB Richard Ellis, estimates the 24-storey office-retail tower will fetch more than $2 billion, making it the most expensive en-bloc property in Central for almost 10 years.
Built in 1977, the former Lane Crawford flagship store has a site area of 12,286 square feet and a gross floor area of 195,500 sqft.
Agents said the most attractive element was the retail space, with a gross floor area of 89,500 sqft from the basement to the 6th floor. Office space starts on the 7th floor.
Property agents said prices for office space and shops in Central had jumped 30 to 40 per cent since October, and retail rents on Queen's Road Central have almost doubled since the Sars outbreak.