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News Release

HONG KONG

No. 16 Hart Avenue for Sale En bloc by Public Tender


Hong Kong, 18 May 2015 - No.16 Hart Avenue, Tsim Sha Tsui, Kowloon is now for sale en bloc by public tender.  According to the sole agent JLL, the property is to be sold with vacant possession.  The tender will close at 12:00 noon, Tuesday 9 June 2015.  The vendor is expecting an offer of not less than HK$500 million.

Completed in March 2014, the property now for sale will be a 23-storey commercial building comprising five storeys of retail space: from G/F to 3/F and 5/F; 14 storeys of offices: from 8/F to 12/F and from 15/F to 23/F; and two mechanical floors: from 6/F to 7/F.  The building comprises a total gross area of approximately 24,305 sq ft, with each office floor plate covering approximately 1,146 sq ft and retail floor plates ranging from1,036 sq ft and 1,873 sq ft. 

Strategically located on Hart Avenue, the property commands excellent accessibility.  It is only a 2-minute walk from Tsim Sha Tsui East MTR Station and is well served by various transport modes.  The area abounds with commercial buildings such as Tsim Sha Tsui Centre and Houston Centre, hotels such as The Peninsula Hong Kong and Kowloon Shangri-La Hong Kong and shopping malls such as K11 and iSQUARE, enjoying heavy pedestrian flow day and night.

"Commercial buildings located in core business areas available for sale en bloc have been rare.  Located in the heart of Tsim Sha Tsui, No. 16 Hart Avenue is a brand-new commercial building enjoying superb accessibility, providing a highly favourable operation environment for both its office and retail tenants.  We trust it will attract attention from both institutional and individual investors alike. "The Vendor has secured a set of approved Alterations & Additions plans from Buildings Department for change of use (from 8/F to 12/F and 15/F to 23/F only) for the Property's office floors to shop floors. It allows the Property to be used as a Ginza type retail and catering block which add flexibility to the owner." commented Joseph Tsang, Managing Director and Head of Capital Markets Hong Kong at JLL.

"The building provides a high level of privacy for its office tenants with its one unit per floor layout, which is ideal for businesses from different sectors.  Contemporarily designed, each office unit is offered with full-height sliding windows.  Thanks to its super-convenient location in core Tsim Sha Tsui, the five-level retail podium of No. 16 Hart Avenue will benefit from the high level of shopper flow combining local residents and working population as well as tourists.  It is suitable for fashion outlets and F&B operations," added Joseph Tsang.

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