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HONG KONG, 20 AUGUST 2014 – Prime office units 8–12 at 12/F, Inter Continental Plaza, 94 Granville Road, Tsim Sha Tsui, are now put up for sale. According to the sole agent, JLL, the property is to be sold with the existing tenancies and on an “as-is” basis.
Interested parties can opt to acquire all of the three units, or any one or two of the three. Indicative price is HK$13,000 per sq ft, equivalent to a total of over HK$39.71 million for all of the three units. Net yield can be up to approximately 3.3%.
Located in Tsim Sha Tsui East, Inter Continental Plaza is surrounded by commercial buildings and hotels, for example, Concordia Plaza, Chinachem Golden Plaza, Tsim Sha Tsui Centre, Kowloon Shangri-La Hotel and InterContinental Grand Stanford Hong Kong. The area is also the home to some of the most famous tourist spots in Hong Kong, such as Hong Kong Science Museum and Hong Kong Museum of History. Pedestrian flow is strong, and various transport modes such as bus and minibus are readily available nearby. Inter Continental Plaza is only a ten-minute walk to Tsim Sha Tsui MTR Station.
The property now for sale comprises office units 8–10, Inter Continental Plaza. Unit 8 covers a GFA of 815 sq ft, with its tenancy expiring in November 2015; Unit 9 covers a GFA of 785 sq ft, with its tenancy expiring in October 2015; and Unit 10 covers a GFA of 1,455 sq ft, with its tenancy expiring in March 2016. The total GFA of the three office units is approximately 3,055 sq ft. Currently, the three units are earning a total monthly rental income of HK$101,000. The existing tenants in the building are mostly toys trading companies, manufacturers and professional services firms.“Strategically located in Tsim Sha Tsui’s commercial hub, Inter-Continental Plaza enjoys a high level of occupancy rate. It is ideal for self-use or long-term investment and indeed a highly lucrative investment opportunity. We expect it to attract attention from end-users and investors alike,” commented Daniel Mok, Associate Director of Capital Markets, JLL Hong Kong.
“In fact, recently at Concordia Plaza, office unit nos. 08–10, 16/F, were sold for an average price of HK$14,100 per sq ft. It reflects the strong demand for prime office units in the market,” added Mok.
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