HONG KONG, 14 JULY 2021 – Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) has been appointed as the sole agent for the sale of a redevelopment opportunity through a private tender at 238-240 Wanchai Road, Hong Kong. Closing date for offers is 31 August 2021 (Tuesday).
Built in 1963, the property is a nine-storey serviced apartment block with the basement and ground floor currently being leased to a hair salon, while the first to seventh floors are being used as serviced apartments.
A rare redevelopment site for sale in Wanchai
Located at the junction of Wanchai Road and Morrison Hill Road, the property enjoys heavy pedestrian traffic, according to Stanley Wong, Senior Executive Director, Capital Markets & Investment Services. With good connectivity to major public transport links, the building is found in a prime location and just a five-minute walk from a large-scale shopping mall, Times Square.
Now the address of a serviced-apartment block, this class A site has an area of approximately 1,890 sq. ft. zoned for other specified uses (mixed use) by the Town Planning Board, the site could be repurposed as an office, hotel or a residential development, among other opportunities. The maximum plot ratio is 15 and the estimated maximum gross floor area is 28,485 sq. ft.
There are many ongoing redevelopment projects in the vicinity, including a commercial project at 222-228 Wan Chai Road by Sun Hung Kai, a commercial project at 232 Wan Chai Road by Continental, a commercial and residential project at 1-1A Wood Road by Vantage International, and the Wood Road and Wing Cheung Street project acquired by Henderson Land.
Approval has been granted for the redevelopment of the Property into a 22-storey ‘Ginza-style’ commercial building, offering high advertising value on the external wall and rooftop with the installation of billboards.
As the sub-district undergoes transformation, the new direction will create a vibrant hub with multiple redevelopment projects creating a sought-after demand for sites in this area, making this a rare find in the market.
The sales launch will attract a mix of developers and private investors, leveraging the wide range of repurposing opportunities presented upon the completion of the nearby redevelopment projects.
Should you need further information on the property, speak to our experts Stanley Wong (6012 1595), Freddy Wan (9414 4462), or Matthew Cheng (9822 2676) of Capital Markets and Investment Services at Colliers.
