Prime Retail Podium at L.Place 23 in Tai Kok Tsui releases for public tender
Rapidly developing middle-class area with high investment potential
HONG KONG, 27 April 2022 – JLL has been appointed as the sole agent for the sale of the retail podium and signage spaces at L.Place 23 in Tai Kok Tsui. The market estimates the property to be worth HKD 120 million.
The retail podium includes five shops (Shop 1-3 on G/F, G/4 & 1/F & G5 & 1/F), four commercial car parking spaces (Commercial CP P1-P4 & M2) and five signage spaces (A, B, C, D, E) of L.Place 23 at No. 23 Pine Street and No. 87 Oak Street. It will be sold on an "as-is" basis with the tender closing date set for 13 May 2022, at 12:00 pm.
Comleted in 2022, the retail podium occupies a gross area of 10,701 sq ft with approximately 5 metres ceiling height (the highest) on the ground floor and 1/F. The podium is equipped with air conditioning, water supply and drainage, exhaust, and three-phase power, among other facilities. The commercial podium is stratified, which is able for lease immediately after purchase or strata sale.
L.Place 23 is located in the heart of the West Kowloon commercial and residential redevelopment hub, adjacent to Mong Kok and Olympic MTR Stations, with the area a hot spot for young and middle-class consumption as well as home buying. The new and modern building integrates seamlessly with the history in the district, creating a spacious and stylish neighbourhood. The property is easily accessible from anywhere in the city, with multiple transportation options close by, and the retail podium faces two streets with striking signboards, demonstrating the high potential to create a popular and fashionable shopping and dining destination.
Eunice Tang, Executive Director of Capital Markets at JLL in Hong Kong, said: " Tai Kok Tsui is rapidly developing into a mature commercial and residential hub. The area has been actively developed by Henderson Land, Sino Land and the Urban Renewal Authority since the early years, including a total of seven phases of Square Mile, which form a large commercial and residential area linking Square Mile. There are over 6,000,000 sq ft of commercial spaces in close proximity, with nearly 120,000 residence and working population. Situated next to Mong Kok, Tai Kok Tsui offers convenient transportation. There will be further new commercial and residential redevelopment in the near future leading to unlimited potential. Moreover, as most of the commercial platforms are held by large developers for a long period of time, buying opportunities are very rare."
Please contact Ms. Tang at +852 2846 5820 for more information about the property.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.