Hong Kong Bankers Club finds new home in Nexxus Building, to stay in Central
- Move comes after club’s current landlord, Hongkong Land, decides against renewing its lease when it expires in October 2020
The Hong Kong Bankers Club, a hub for the city’s top bankers and financial professionals, will move to Nexxus Building on 41, Connaught Road in Hong Kong’s Central district, in October 2020, according to a letter sent to its members on Friday seen by the South China Morning Post.
The 42-year-old club has hosted many dignitaries, including members of Hong Kong’s various regulatory authorities such the Hong Kong Monetary Authority and the Securities and Futures Commission. It also has individual members who are lawyers, accountants as well as professionals in other areas.
The club will move to a 20,000 sq ft podium space comparable with its current location in Gloucester Tower, where it has occupied space on the 43rd and 44th floors for 39 years.
The move comes after its current landlord, Hongkong Land, last April decided against renewing its lease when it expires in October next year. Sources told the Post Hongkong Land wants to lease the space to a restaurant to attract more traffic to its interconnected Landmark shopping centre. A Hongkong Land spokeswoman refused to comment on the matter.
The club’s letter to members did not disclose details such as rent, but property agents said rent at the Nexxus Building was about HK$100 (US$12.7) per square feet, lower than the HK$170 for Landmark.
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The club conducted a survey and found most of its members wanted it to remain in Central. “We then communicated with 12 major landlords and investigated 17 potentially eligible buildings in the Central district. We chose the location that ideally fulfils both the short and long-term objectives for our Club,” the letter said.
High rents in Central have forced banks, accounting and law firms such as Goldman Sachs, KPMG and Freshfields Bruckhaus Deringer to relocate back offices to cheaper suburbs.
“The Hong Kong Bankers Club’s commitment to Central is a strong signal that the district will retain its status as the key financial hub for Hong Kong,” said David Wood, senior director at property consultant Colliers International, who brokered the deal.
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“The new space at Nexxus Building is centrally located and will be connected to IFC and Exchange Square by a walkway that is due to be completed later this year, offering convenience and accessibility for club members, who are predominantly professionals based in Central.”
Eleanor Wan, chief executive of BEA Union Investment Management, who is a member of the club, agreed with the choice of the new location. “It’s good news that it will remain in Central. Looking forward to its new chapter,” she said.
Founded by overseas bankers in 1977 as The Hong Kong Overseas Bankers Club, it was renamed in 1996 just ahead of Hong Kong’s handover to China. It has been in its current location since 1981.
