Prime retail shops and flats in the heart of Causeway Bay for sale by tender
Offers valuable opportunity to secure a meaningful ownership share in a potential landmark development
HONG KONG, 16 August 2021 – JLL is pleased to have been appointed as the sole agent for the tender of four retail shops and 16 flats at the junction of Lee Garden Road, Percival Street and Russell Street, the first-tier shopping streets in Causeway Bay. The tender closes on Tuesday noon, 28 September 2021.
The properties up for tender comprises four ground floor shops at 23 Lee Garden Road, 25 Lee Garden Road (portion), 72 Percival Street and 74 Percival Street (front portion). It also comprises 16 apartments on the 1/F, 2/F, 3/F, 4/F and 5/F situated in the same building.
Located on first-tier shopping streets, the properties represent over 20% ownership shares on the building lot. It is a valuable opportunity to secure a meaningful ownership share in a sizeable potential landmark development in the heart of Causeway Bay. It offers high redevelopment potential and will benefit from the development of the nearby commercial development project at Caroline Hill Road and The Excelsior redevelopment project.
Nestled in the heart of Causeway Bay, the properties afford easy access to major shopping centres, with many shopping and dining options in the district. There is also excellent public transport accessibility with two Causeway Bay MTR Station exits (A and F2) being within two minutes and three minutes walking distance respectively as well as bus and tram stations.
According to Causeway Bay Outline Zoning Plan No. S/H6/17, the site the properties are located on has been zoned for commercial (2) use. The property will be sold on an 'as is' basis and subject to existing tenancies and/or licenses.
Joseph Tsang, Chairman of JLL in Hong Kong, said: "The property offers redevelopment potential to amalgamate with the adjacent buildings and is destined to stand out from the crowd, making it a remarkably attractive option for developers and investors looking for solid and quality investment or redevelopment opportunities,”
“Located at the heart of Causeway Bay, the properties offers a rare opportunity for developers and investors to secure a substantial ownership share in a sizeable landmark development project in a core area. As it is on a corner plot, it has high retail value and redevelopment potential. The recent tender of the Caroline Hill Road commercial site and enbloc transactions at Percival Street show the high development and investment value of the area. With the two new commercial developments in the district scheduled for completion in the next few years, the Retail Golden Circle at Russell Street, Percival Street, Hysan Avenue, Yun Ping Road and Kai Chiu Road will be benefit from the buzz and excitement brought forth by the even busier scene,” Tsang added.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.