Colliers and CBRE announce its appointment as the joint sole agent by the landlord to sell an en-bloc Grade A commercial building at 152 Queen's Road Central, Hong Kong through public tender.

The property is a 28-storey Grade A commercial building located on Queen's Road Central. The ground floor to the 15^th floor offers versatile use, including options for banking, shops, dining or retail, while the 17^th floor to the 30^th floor are dedicated office spaces. The building features dual entrances facing Queen's Road Central and Wellington Street, respectively. It spans a site area of approximately 4,030 sq. ft. and a total gross area of approximately 80,876 sq. ft., with each floor averaging between 2,531 and 3,733 sq. ft. Floor-to-floor heights range from 3.25 to 6.6 metres, 3.85 metres for typical floors. The floor load is approximately 5 kPa. Additionally, the building is equipped with two passenger lifts and one goods lift for the convenience of commercial tenants. The building is designed with one unit per floor, ensuring a high level of privacy for occupants. The 3^rd floor features a garden terrace and open space area for various activities, while the 29th and 30^th floors are special floors equipped with balconies.

Thomas Chak, Co-Head of Capital Markets & Investment Services at Colliers Hong Kong said: “As Hong Kong's primary financial and commercial district and the intersection of four MTR routes, Central has always been the preferred hub for different multi-national corporations and financial institutions. The majority of Grade A office buildings in Central are owned by various major developers, who typically prefer leasing over selling. An en-bloc premium commercial building with existing tenancies is exceptionally rare, offering a unique and valuable investment opportunity in the market. 

Located in the heart of Central and in close proximity to the MTR station, 152 Queen's Road Central offers convenient transportation options. Boasting comprehensive facilities and a high-quality tenant mix with near-full occupancy, the building exudes a strong appeal. I believe the property will attract a wide range of investors, particularly those seeking to hold long-term premium commercial assets and enjoy stable rental returns.”

Sam Mock, Executive Director of Investment Property & Private Office, Capital Markets at CBRE Hong Kong said: “Properties situated in the prime location of Central's Core Business District have always been in high demand among tenants. This particular property, facing The Center, is surrounded by many renowned Grade A office buildings, famous restaurants and retail shops. It is also near the Central–Mid-Levels escalator with only a 3-minute walk from Sheung Wan MTR Station and a 7-minute walk from Central MTR Station, ensuring high foot traffic. 

Furthermore, completed in 2020, the property incorporates high-quality construction materials and a raised floor design, with minimal columns, all adding to the practicality and spaciousness of the units, suitable for offices, retail and dining purposes. The property currently boasts an extremely high occupancy rate, and the ground floor is occupied by the well-known chain restaurant “FRITES”. Overall, this premium Grade A commercial building stands out with its high competitiveness and investment value among similar properties.”

The tender closing date is 8 October 2024 (Tuesday), 12:00 noon. The current valuation is approximately HKD1.4 billion.

For further information, please contact Thomas Chak, Head of Capital Markets & Investment Services at Colliers Hong Kong or Sam Mock, Executive Director of Investment Property & Private Office, Capital Markets at CBRE Hong Kong via the below contact details.