Nathan Road commercial site for sale by tender offers 'rare opportunity'

PUBLISHED : Tuesday, 11 August, 2015, 11:14pm
UPDATED : Tuesday, 11 August, 2015, 11:14pm

A commercial site in Mong Kok worth up to HK$620 million is offered for sale by public tender, according to Savills Hong Kong, the sole agent for the sale.

The tender will close on August 28.

The site at 575-575A Nathan Road, which has been cleared for development, covers 2,130 square feet.

The last time a similar site sold on Nathan Road was in early 2013, said Jonathan Chau, a director of investment at Savills.

"It's a rare opportunity to find something [for development], especially in that stretch of Nathan Road," Chau said.

Nathan Road is home to two prime shopping areas: Tsim Sha Tsui and the neighbourhood stretching from Dundas Street to Argyle Street, which is close to the site up for sale.

The original development on the site was a mixed-use tenant block that the previous owner sold in 2013 through an auction triggered by the Land (Compulsory Sale for Redevelopment) Ordinance.

Earlier this year, the current owner received approval from the Buildings Department to build a 22-storey boutique hotel with a planned gross floor area of 25,530 sqft, but subsequently decided to put the site up for sale.

Chau said the site could be developed for other commercial uses.