Rare ultra-large prime retail space in core area up for sale
Available on market for first time in two decades
HONG KONG, 7 May 2019 – JLL has been appointed as the sole agent for the public tender sale of Portion of Shops 1 and 2 on the Ground floor of Star House at No.3 Salisbury Road in Tsim Sha Tsui (the “Property”). The tender will be closed at 12:00 noon on 18 June 2019 (Tuesday), with the market value estimated to be around HKD 1 billion.
The asset offered for sale is retail space at Portion of Shops 1 and 2 on the Ground floor of Star House, with a saleable area of approximately 4,260 square feet and shop front of over 30 feet in width (Subject to verification). The Property is to be sold with existing tenancy. It is currently leased to Watsons, which has rented the space for more than 20 years.
Raymond Fung, Executive Director of Capital Markets at JLL, in Hong Kong, who acts as the sole agent for this sale, said: “Having been leased to the same tenant for over two decades, the Property, located in the heart of Tsim Sha Tsui, a must-see place for tourists, is put on the market for the first time over the past 20 years. Adjacent to Canton Road, a well-known bustling site that brings together Harbour City, Star Ferry Pier and an array of flagship stores of top international brands, the Property also adjoins a globally renowned 24-hour chain restaurant that enjoys a large influx of visitors.”
“The Property has great accessibility, with transport hubs including bus stops, the West Kowloon Station of the High-Speed Rail, Tsim Sha Tsui MTR Station and Star Ferry Pier just a short distance away. With the re-opening of the Avenue of Stars, which will re-connect Tsim Sha Tsui East and West, Tsim Sha Tsui and its vicinity will become even more lively and vibrant.” Fung added.
Fung said that the Property is extremely rare and unique. And it is located at one of the landmark buildings in Hong Kong. It is not only suitable for long-term investment, but can also be used by large retailers as their own flagship stores. With great investment value, the Property is expected to be well-received by the market, drawing established families, long-term investors and large retailers to participate in the bidding.
For more information, please contact:
Raymond Fung, Raymond.Fung@ap.jll.com, (852) 2846 5181 / 9022 8512
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
