Savills has been appointed sole agent for the tender sale of a rare North Point retail space.
The site is the ground, first and second floors of Merlin Garden at 160 Electric Rd, which carries an indicative price of $150 million.
The gross area of the property is 10,720 sqft and it is currently occupied by a Chinese restaurant with a lease due to expire on June 30 2016 (with an option to extend for another three years). The current monthly rental is HK$450,000. The shop window of the property is over 40 feet wide and located at an intersection controlled by traffic lights, has a high profile street presence.
Peter Yuen, deputy MD and head of investment with Savills, said it is rare for a retail space with an area over 10,000 sqft to become available on Hong Kong Island.
The property is located in the centre of the business area of Fortress Hill. There are a number of benchmark buildings and hotels in the area, for example @Convoy, AIA Tower, Citicorp Centre, iclub Fortress Hill Hotel and Harbour Grand North Point.
Earlier this year, Union Park Tower, at 168 Electric Rd, sold for HK$450 million. With a total floor area of 40,000 sq ft, the average price per sq ft was HK$11,400.
“This indicates strong positive investment sentiment in the area, with increasing momentum from investors,” said Yuen.
Tenders close on September 23 at 12 noon.