The Ginza-style commercial building, which is wholly owned by Wang On Properties, has an aggregate area of approximately 25,431 sq. ft. and will be sold with naming rights and outdoor advertising signage space. The property has 19 storeys – the 1st to 8th floors are restaurants, while the ground floor and 9th to 21st floors are retail shops (there are no 4th, 13th or 14th floors). Every floor has an average aggregate area of 1,200-2,000 sq. ft.
“The property has been meticulously designed and built by Wang On Properties to meet the standards of a high quality Ginza-style commercial building. The property features large outdoor signage space, including a dynamic LED display from the 1st to 9th floors, offering golden advertising opportunities for tenants. Three escalators within the building enhance vertical transportation and the pillarless hall enables flexible interior design. The property will include a 24-hour management service and individual air-conditioning facilities to accommodate tenants' unique trading hours. We have also built in space for interior stairs to address the different needs of retailers,” said Gary Wong, Chief Executive officer, Wang On Properties.
Situated at the junction of Nathan Road and Dundas Street, the property is located in one of the most famous eating, shopping and entertainment spots in Hong Kong. The property is adjacent to major shopping malls in Mong Kok, such as Trendy Zone, Park-In Commercial Centre, Sino Centre and Chong Hing Square. Popular mom-and-pop stores and eateries are also just around the corner, making it one of the highest footfall areas.
Freddy Wan, Director, Capital Markets, CBRE Hong Kong said, “The Ginza-style building is suitable for a wide range of businesses such as restaurants, retailers, jewelries and watches shops, beauty salons, gym rooms, financial services firms, travel agencies and medical centers. The ground floor has a ceiling height of approx. 5 meters, which is ideal for medium to large retail brands looking for a flagship location.”
The property is conveniently located within a 3-minute walk from Mong Kok and Yau Ma Tei MTR Station. It is also connected to many buses and mini-buses travelling throughout Hong Kong Island, Kowloon and New Territories. Overnight cross-harbor buses enable local citizens and tourists to visit the area at all hours.
Louise Ho, Senior Regional Sales Director, Office Department of Centaline Commercial said, “The sale of such an en bloc building presents a unique and rare opportunity in the district. Mong Kok is an established and popular shopping hub attracting local and mainland customers. The area is highly accessible and is one of the busiest districts in Hong Kong. As the district continues to flourish, the potential value of the property will appreciate and attract ample interest from long-term investors.”
Disclaimer:
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
