Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) announces its appointment as the joint sole agent by the landlord to sell CUBUS, an en-bloc commercial building located at 1 Hoi Ping Road in Causeway Bay, Hong Kong. EOI tender closing is set on 8 October 2024 (Tuesday) at noon.

Located at Hoi Ping Road in Causeway Bay, the property is a 25-storey Ginza-styled commercial building with a site area of approximtely 4,048 sq. ft. and total gross floor area of approximately 67,886 sq. ft, with typical floor area ranging from 2,657 to 3,574 sq ft. The floor-to-floor height ranges from approximately 3.8 to 5.0 m, and typical floor loading is 5 kPa. The property is well-equipped with three passenger lifts and 1 separate service lift for back-of-house use.

Thomas Chak, Head of Capital Markets & Investment Services at Colliers Hong Kong said: “The property is situated within the bustling Hysan commercial cluster in Causeway Bay, alongside world-class Grade A commercial buildings, shopping malls and hotels. It benefits from a prime location in the core retail district with high pedestrian flow, with only a five-minute walk from Causeway Bay MTR Station, offering convenient access to the neighbourhood.

CUBUS is adjacent to the large-scale mixed-use redevelopment project on Caroline Hill Road spanning over one million sq. ft. by Hysan and Chinachem Group. The redevelopmet project will comprise three commercial buildings and an urban oasis park occupying 60,000 sq. ft. A covered pedestrian walkway is planned to link Hysan Place to the entire area of Lee Gardens and Causeway Bay MTR Station. Multiple car parks will also be connected through tunnels in the future to reduce traffic congestion and pollution, thereby significantly increasing the value of properties nearby.”

Raymond Wan, Chief Senior Director, Investment Services of Savills said: “CUBUS was completed in 2010 and has been recognised as the “Best Retail Architecture” at the Asia Pacific Property Awards. The property is well-designed, boasting nearly 180-degree floor-to-ceiling exterior glass walls, a large outdoor LED screen at its entrance, ample outdoor signage on the exterior façade, and open terraces on selected floors. Currently, CUBUS houses internationally renowned restaurants and retail, lifestyle, and entertainment brands.

The property is a rare en-bloc Ginza-styled commercial building for sale in a prime commercial area. With diverse potential uses including retail, dining and even office space, the property has garnered significant interest from various investors. This presents an opportune moment for investors amid the global market recovery to enjoy stable rental income and a significant property appreciation following the full recovery of the global economy and the upcoming completion of nearby large-scale mixed-use redevelopment projects.”

For further information, please contact Thomas Chak, Head of Capital Markets & Investment Services at Colliers Hong Kong and Raymond Wan, Chief Senior Director, Investment Services of Savills as the details below.