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Colliers appointed as sole agent to sell a rare redevelopment site

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.

 

Related Experts

Stanley Wong

Senior Executive Director

Capital Markets & Investment Services

Hong Kong

Stanley is an industry-leading real estate professional with over 20 years’ experience working in Hong Kong’s property investment market. During this time, Stanley worked as an Executive Director and the former Head of Capital Markets for a competitor from 2012 to 2020 where he handled over HK$20 billion in transaction value

Stanley has a bachelor’s degree in Surveying and an MBA from the University of Hong Kong. Since completing his educational studies, Stanley has continued his professional development to become a member of the Hong Kong Institute of Surveyors and RICS.

Stanley’s transactional background and core skill set includes handling tenders and auctions for major assets such as retail podiums, enbloc buildings, development sites, major shopping centres, grade A offices and luxury residential. He also has experience on property acquisitions and disposal for major developers, investors and end-users in Hong Hong, as well as overseas institutional investors.

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Freddy Wan

Senior Director

Capital Markets & Investment Services

Hong Kong

Freddy Wan is a real estate expert with over 15 years’ experience in commercial property investment. Prior to joining Colliers, Freddy built a successful track record on a range of transactions on commercial asset such as retail property, hotels, development sites to luxury residential properties.

 

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Matthew Cheng

Director

Capital Markets & Investment Services

Hong Kong

Matthew is a real estate investment expert with major experience working with a range of investors and owners across a range of asset types. Based in Hong Kong, Matthew has a focus on investment property transactions as has been involved in several major en-bloc, retail, and re-development site transactions.

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