Colliers is delighted to announce it has been appointed as sole agent to sell a rare commercial building in Kowloon Bay
HONG KONG, 6 December 2021 – Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) is appointed today by the landlord as the sole agent for the sale of a commercial real estate portfolio across multiple floors from the ground floor to the second floor of Lee Kee Building, 55 Ngau Tau Kok Road, Kowloon Bay, Hong Kong.
Built in 1977, Lee Kee Building is consisted of four blocks with each rising 24 storeys of residential units. The residential buildings sit on a three-storey retail podium, including retail shops and parking spaces on the ground floor and the units for commercial and office use on the first and second floor.
A rare, high-quality multi-storey commercial property investment opportunity in Kowloon East
Located at the junction of Ngau Tau Kok Road and Kwun Tong Road in the core business area of Ngau Tau Kok, the property is adjacent to Amoy Gardens bustling with constant traffic and pedestrian flow. The demand for neighbourhood retail is demonstrated by the opening of the Kowloon Bay branch of Don Don Donki in Amoy Plaza, which is in close proximity to the property for sale. Just a five-minute walk from the nearby Kowloon Bay MTR Station, the property is highly accessible via an array of convenient transportation options. A number of large-scale residential projects and public housing estates can be found in this vibrant and busy area, such as Telford Gardens, Tak Bo Garden and Choi Ying Estate, with many complete with retail stores, shopping malls and food outlets.
Sanford Yeung, Director of Capital Markets & Investment Services, said: “Thanks to the government's Energising Kowloon East development programme in recent years, Kwun Tong, Ngau Tau Kok and Kowloon Bay are flourishing and fast developing. With the scheduled opening of the East Kowloon Cultural Centre in 2023, the area is expected to draw even stronger footfall boosting economic growth. With the progressive relaxation of social-distancing measures as the Covid-19 situation becomes stable, consumer sentiment is picking up with the confidence in retail asset investment restored gradually. This has led to a significant rebound in retail asset transactions when compared to last year, outperforming all the other investment transactions concluded.”
“Presenting a very rare investment opportunity, the property for sale includes the entire ground floor, whole floors of the first and second floors of Block S, and the office units D, E and F on the first and second floors of Block C and D, with a total saleable area of about 30,000 sq. ft. To be sold on an ‘as-is’ basis, the space is fully leased by high-quality chains bringing stable rental income and considerable high yields,” added Yeung.
Yeung said, “investors should see an opportunity to bottom-fish properties with stable income during the current price adjustment period, tapping into the growth potential of the properties with the rent expected to go up as the pandemic fades and the global economy recovers.”
Should you need further information on the property, please contact Sanford Yeung, Director of Capital Markets & Investment Services (9501 8999).