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Colliers has been appointed the sole agent for the sale of rare commercial redevelopment buildings in core Causeway Bay

Hong Kong, 10 June 2019 – Colliers International (NASDAQ: CIGI; TSX: CIGI), a global leader in commercial real estate services, has been appointed by the owners as sole agent for the sale of two adjoining en bloc properties in Causeway Bay by way of “Joint Sale by Tender”. They are: Property 1: 454-456 Lockhart Road (En-bloc); and Property 2: 458-460 Lockhart Road (83.33% of undivided share of land). The tender closing date will be on 16 July 2019 (Tuesday).

Property 1: 454-456 Lockhart Road (En bloc)

The property has eight storeys. G/F to 2/F are for commercial use, with gross floor area approximately between 1,200 and 1,900 sq. ft. 3/F to 8/F are for domestic use, with gross floor area of each floor up to 1,000 sq. ft. The total gross floor area is 10,986 sq. ft.

Property 2: 458-460 Lockhart Road (83.33% of undivided share of land)

The property is a 12-storey building built in 1965. G/F and 1/F are for commercial use, with gross floor area approximately between 1,400 and 1,600 sq. ft. 2/F to 8/F are for domestic use, with gross floor area of each floor up to 1,500 sq. ft. The total gross floor area of the whole building is 17,900 sq. ft. The units for sale have 83.33% of undivided share of land.

Kenny Kwok, Colliers International Capital Markets and Investment Services Senior Director, said that “there are frequent merger and acquisition activities in both Wan Chai and Causeway Bay. The new redeveloped office buildings have given the district a brand-new face. Recently, many en bloc properties in Causeway Bay have changed hands one after another, such as L’HART, CUBUS and ZING!. In addition, The Excelsior hotel, a property with 45 years of history, closed in March this year to be redeveloped as a mixed-use commercial building with a gross floor area of 683,500 sq. ft. These developments reflect the fact that land sites in the district are rarely available.”

Combining the two Lockhart Road properties will offer a site area of 3,675 sq. ft. for development. The developable gross floor area upon full-site assembly will reach up to 55,131 sq. ft. The site is suitable for investors and developers to redevelop. The properties are located at the core area of the district in close proximity to Causeway Bay Plaza, Times Square, Hysan Place, Sogo and other major attractions. The properties are easily accessible by various means of transportation, and within a few minutes walk to the Causeway Bay MTR station.

There has been plenty of positive development on Causeway Bay’s Lockhart Road in recent years. Many old buildings have been transformed into Ginza-type commercial buildings or service-apartments, with surrounding areas having high pedestrian flow. We believe the launch of the properties will attract developers and investors to purchase for redevelopment purposes.

Should you need further information on the properties, please feel free to contact Mr. Kwok (9099 8486) / Mr. Lam (9382 2022) from Colliers International Capital Markets and Investment Services.

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