CBRE has been appointed by the owner as the sole agent for the sale of the entire No.  321 Java Road, North Point (formerly known as: Kodak House Phase 1) via a public tender. The property has a Plot Ratio GFA of approximately 153,985 sq. ft. Based on transactions in the vicinity, the property is estimated to be valued at about HK$1 billion, with an average unit price of approximately HK$6,500 per sq. ft. The tender submission deadline is set to be 12:00 noon on Thursday, December 5, 2024.

Located at the intersection of Java Road and Healthy Street East in North Point, No. 321 Java Road is about a 5-minute walk away from Quarry Bay MTR Station. It is also close to Grade A buildings such as No. 633 King’s Road, No. 625 King’s Road, and K11 Atelier King’s Road. The property was completed in 1985, with 13 floors and a basement car park providing 27 parking spaces. Certain floors have a ceiling height of 6.8 meters and feature independent entrances, lobbies, and parking areas. Purchasing the entire building grants naming rights and the right of signage installation, making it ideal for medical groups, education institutions, religious organizations, government bodies, and back-office departments.

Avan Pau, Senior Director, Capital Markets Hong Kong at CBRE Hong Kong, stated: “No. 321 Java Road shares the same lot with Kodak House Phase 2, and both were developed by Sun Hung Kai Properties. However, Phase 2 has already been sold stratified, making the consolidated ownership of No. 321 Java Road unique in the market. The property has a 999-year lease and was granted a permanent waiver for office and commercial use earlier, making it suitable for various industries. The owner purchased it in 2000 and is now offering it for public tender sale after 24 years. With a market value of around HK$1 billion, the average unit price is just over HK$6,000 per sq. ft., making it a rare opportunity to acquire a commercial property on Hong Kong Island. The high quality and specifications of the property are scarcely available on Hong Kong Island, offering great potential. The asking price has significantly dropped from its peak, and it is expected to attract many institutional users and long-term investors.”

For inquiries about the sale, please contact Avan Pau, Senior Director, Capital Markets at CBRE Hong Kong or Travis Tai, Associate Director of Capital Markets at CBRE Hong Kong as the details below.