_Knight Frank appointed by the Receivers as the sole agent
Knight Frank has been appointed by the Receivers as the sole agent for the sale of Shop A On LG/F, Ho Lee Commercial Building, Nos. 38, 42 & 44 D’Aguilar Street, Lan Kwai Fong, Central (The Property) by private treaty.
Completed in 1977, the Property for sale boasts a GFA of approx 3,228 sq ft, achieving a high efficiency of approx. 87% (not verified and for reference only). This Property is located in a strategic position in the core of Lan Kwai Fong, a tier-1 entertainment hotspot in Hong Kong. It provides easy access to super Grade-A offices and commercial complexes such as LANDMARK and International Financial Centre (IFC), as well as artsy attractions including Tai Kwun, Central Market and PMQ, generating high foot traffic from young and high-spending consumers. Additionally, the Property offers excellent connectivity, with the Central MTR Station only a 3-minute walk away. The Hong Kong MTR Station and Central Ferry Piers are also within close reach, from where occupants can connect with the rest of Hong Kong in a flash.
Willis Mak, Executive Director, Head of Private Clients, Greater China, Capital Markets, stated:” The Property for sale enjoys a prime location in Hong Kong’s leading nightlife hotspot. The owner acquired the Property over 20 years ago and now the Property is being put up for sale by the Receivers, presenting a rare G/F retail investment opportunity within this tier-1 legendary party district. In addition, the transaction number for sizeable G/F shops within Lan Kwai Fong has remained low over the years. Recent transactions include a G/F shop unit together with its cocklofts located at Yip Fug Building at No 6 D’Aguilar Street, which was transacted at HK$165M in April 2022 at a unit price of HK$ 61,567 / sq ft (A conversion factor of ½ has been adopted for the cockloft area in computing the effective marketable GFA for the calculation of the unit price). The other notable transaction comes from a corner G/F shop unit at Tak Woo House located at Nos 17-19 D’Aguilar Street, it was transacted at HK$183M in November 2021 at a unit price of HK$ 175,000 / sq ft.
On top of this, the Property is for sale with a 999-year tenure under receivership. With the US recently commencing its interest rate cut cycle, alongside economic stimulus measures implemented by the Chinese government generating positive market sentiment, the sale is likely to attract interests from various end-users, private equity funds, family offices or individual investors.”
For enquiries, please contact Willis Mak, Executive Director, Head of Private Clients, Greater China, Capital Markets (T: +852 9022 6693), Louis Lui, Director, Capital Markets (T: +852 9518 8492), or Fendy Wai, Senior Consultant, Capital Markets (T: +852 9382 9808).