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Appointment for Colliers as a Joint Sole Agent for the sale of a basket of industrial and commercial properties with value-added potential

HONG KONG, 12 December 2022 – Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) is pleased to announce it has been appointed as a Joint Sole Agent for the sale of a basket of commercial and industrial properties in Cheung Sha Wan, Tuen Mun and Sheung Wan as listed below:

District Property Asset Class Gross Floor Area
(sq. ft.) *
Cheung Sha Wan Hong Kong Spinners Industrial Building Phase 1 and 2 Industrial Approx. 137,023
Cheung Sha Wan Sterling Centre Industrial Approx. 30,222
Sheung Wan 1 Des Voeux Road West Commercial Approx. 14,633
Cheung Sha Wan Sun Cheong Industrial Building Industrial
(ground-floor factory)
Approx. 13,446
Cheung Sha Wan International Industrial Building Industrial Approx. 6,000
Tuen Mun Hung Cheung Industrial Centre Phase 1 Industrial Approx. 32,261
    Total Approx. 233,585

* Information provided by the landlord, yet to be confirmed

The portfolio includes five industrial properties and one commercial property, with a total gross floor area of approximately 233,585 sq. ft. The sale will be open for public tender. The submission deadline is set for 12nn, 10 February 2023 (Friday). Interested parties are welcome to submit offers either for the whole portfolio or individual properties. 

Each property of the sale has its own advantages. The sale of Hong Kong Spinners Industrial Building Phase 1 and 2, which comprises over 130,000 sq. ft. boasting the largest gross floor area, is the highlight of the portfolio. The property has a prime location fronting Lai Chi Kok MTR exits. The industrial hub of Cheung Sha Wan has undergone a rapid transformation, with New World Development securing sites at King Lam Street, Cheung Shun Street and Wing Hong Street and the Government Data Centre Complex at King Lam Street. 

At least nine industrial or commercial redevelopment projects are underway or will soon be completed, providing more than 2.93 million sq. ft. of new floor area. The newly completed Grade A commercial building at 888 Lai Chi Kok Road has seen big-ticket deals made by innovation and technology enterprises and financial institutions. In addition, applications have been made to the Town Planning Board for the redevelopment of Hong Kong Spinners Industrial Building Phase 1 and 2, proposing to build two blocks of 33-storey commercial buildings or a 28-storey modern industrial asset. The Property offers high redevelopment potential with over one million sq. ft. of floor area. Another feature is Sterling Centre, an industrial building with modern specifications. This is scarcely available in the district. The landlord has consolidated ownership of approximately 30,000 sq. ft. for the sale, which would be suitable for long-term rental or divestment.

Stanley Wong, Senior Executive Director and Co-head of Capital Markets & Investment Services | Hong Kong at Colliers commented: “The sale offers a unique investment opportunity, as it is rare to have individual floors for sale in industrial buildings. This high specification of Hong Kong Spinners Industrial Building covers a total gross floor area of about 130,700 sq. ft., featuring a ceiling height of 4 to 4.5 metres for each floor and fronting Lai Chi Kok Station. Hung Cheung Industrial Building in Tuen Mun offers large storage space, covering over 32,000 sq. ft. with windows on multiple sides. It has the potential to be subdivided into mini storage to increase rental income. As for the entire 14-storey office building at 1 Des Voeux Road West, each floor enjoys a spectacular view of the Victoria Harbour. Investors can consider making offers for the entire portfolio or individual assets. The sale is expected to be sought after by fund investors, local investors and end-users.”

For details of other assets for the sale in the Portfolio, please reach out to the Capital Markets & Investment Services team at Colliers in Hong Kong.  

For any additional details about the sale, please contact Mr. Stanley Wong, Executive Director and Co-head of Capital Markets & Investment Services, Colliers in Hong Kong (Tel.: +852 6012 1595).

Property Advertisement Number: CBRE-CM-4042A-4042F / Colliers-CMIS 4042A-4042F

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