Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) is pleased to announce it has been appointed as sole agent by the landlord for the sale of the whole 13th floor, which includes the rooftop, of Tai Cheung Factory Building at 3 Wing Ming Street, Cheung Sha Wan, Kowloon, Hong Kong.

The 13-storey Tai Cheung Factory Building, constructed in 1970, is situated at Wing Ming Street, Cheung Sha Wan. The 13th floor has a total gross floor area of about 8,850 sq. ft., together with an 8,000 sq. ft. rooftop and is currently listed for sale.

Russell Lam, Executive Director, Capital Markets & Investment Services, Hong Kong, commented: “While Cheung Sha Wan was initially an industrial area, it has now gradually transformed to be the central business district on the West Side after the redevelopment of various industrial buildings into major housing estates and luxurious residential properties, coupled with the government’s proactive approach to develop land and to promote the revitalisation of industrial buildings.

Featuring a practical layout with a modern design and a total gross floor area of 8,854 sq. ft., the entire floor is now currently occupied by an internationally renowned co-working space operator. The sale includes an 8,000 sq. ft. rooftop with a panoramic view.

The space is located in a prime area with a good transport network. It is only a five-minute walk to the Lai Chi Kok MTR Station which connects the asset to Hong Kong Island and the New Territories. The Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge is only 30-minutes away via public transport and it is a 12-minute drive to the Hong Kong West Kowloon high-speed rail station, offering easy access to Chinese mainland cities and the Greater Bay Area.

In addition, the property faces New World Development's future grade-A office site on Wing Hong Street with a total area of 420,000 sq. ft.. The developer has two other projects on hand in the same district, including one at 83 King Lam Street, expected to complete by the end of 2023 with a total area of about one million sq. ft. and another at 888 Lai Chi Kok Road, with the top three floors sold earlier to Nanyang Commercial Bank for around HK$1.2 billion, together with the naming rights of the building. The average floor price is about HK$17,500 per sq. ft., setting a record for the area. 

As the pandemic subsides across the world, overall investor sentiment is picking up with more international capital flowing back into the market. The number of transactions in the industrial and commercial sectors  continues to increase, totalling more than 400 deals in the last month, demonstrating the strong interest from investors. The easing of pandemic control measures in Hong Kong has also led to a rebound of overall property transactions in the second quarter, albeit from a low base in the first quarter. The investment volume of commercial properties saw a quarter-on-quarter growth of 52%, which could have come from end-users or long-term investors.”