The cheapest rent in Hong Kong: 14th floor of old industrial building in Yau Tong offered for HK$3.60 a square foot
Space ideal for indoor wargame operator, photo studio or art workshop, says agent
Significant falls in rents for old industrial buildings could open up a new front for indoor wargame enthusiasts in Hong Kong’s urban jungle.
A case in point is the 30-year-old Wing Shan Industrial Building in Yau Tong, which is being offered at a monthly rent believed to be the city’s cheapest in per square foot terms, according to Midland Realty.
The 13,971 sq ft 14th floor of the building, about 10 minutes’ walk from Yau Tong MTR station, is being offered at a monthly rent of just HK$3.60 per square foot.
“The rent will inclusive of management fee, government rents and rates. It should be the lowest rent for an industrial space in the urban area,” said Simon Chan, a senior sales manager at property agent Midland Realty IC & I, which focuses on brokering commercial and industrial property and shops in Hong Kong.
The building is open round the clock, and the tenant can maximise the opening hours to generate more business
The low rent is largely because the building’s elevator only reaches the 13th floor, meaning the tenant would need to walk up to the 14th.
“It will be handed over to the potential tenant in the shape of bare shell,” Chan said. “The tenant may need to spend an extra HK$100,000 for interior fitting such as painting the wall and replacing the flooring.”