International real estate firm Savills is delighted to announce the successful completion of the transaction of Shop A&B, G/F, Hong Kong Industrial Building, Nos. 444 - 452 Des Voeux Road West, Hong Kong, and 2 car parking spaces (the "Property"). The Property has a total gross floor area of approximately 20,414 square feet and was sold on an as-is basis with existing tenancy. The Property was acquired by the Occupational Safety & Health Council for HK$148 million, representing a unit price, inclusive of the car parking spaces, of around HK$7,250.
The Property enjoys a prime location, situated approximately a 4-minute walk from the HKU MTR station. It also benefits from convenient access to the major highways via the Central-Wan Chai Bypass and the Western Harbour Tunnel, offering seamless connectivity across different districts.
Furthermore, the Property is located in a mixed residential and commercial area, with comprehensive amenities in the vicinity. The surrounding area is well-equipped with various dining options, from fast-food chains to banquet restaurants, as well as banks, supermarket chains, medical facilities, and community services.
Neighbouring developments such as The Westwood, Pacific Plaza, and the Hong Kong Plaza are within close proximity, providing the buyer with immediate access to quality commercial facilities.
Mr. Peter Yuen, Managing Director, Investment, Savills Hong Kong said, " This transaction posed some challenges. The buyer had previously invited several property consultancies to submit proposals to assist them in identifying a suitable property to accommodate their service expansion.
Our team first sought to understand the buyer's various requirements, conducted on-site inspections of the existing operations and facilities, and then proactively searched for potentially suitable properties, considering the investment budget and market dynamics, in order to provide the buyer with comprehensive and appropriate recommendations.
After multiple rounds of screening and discussions on the merits of various properties, the team eventually focused on the subject Property. The key attributes of the Property included floor-to-floor heights of up to 5.19 meters and a large gross floor area exceeding 20,000 square feet, with the permitted use under the Occupation Permit and Deed of Mutual Covenant being for shop purposes.
For a thorough due diligence process, we arranged one-stop service, engaging independent professional surveyors for valuation, as well as architects and structural engineers to provide objective expert opinions. Furthermore, the team considered the advice from the valuer and legal counsel, ensuring a rigorous and comprehensive acquisition process.
During the further negotiation stage, the team faced competition from other interested parties seeking to acquire this rare and high-quality property. This added variables and complexity to the transaction. Maintaining close communication with the buyer, we carefully navigated each step, ultimately resolving the various challenges and successfully reaching a mutually beneficial agreement for both parties.
With the staunch support from all parties involved, we were able to complete this transaction in the dynamic market environment, indirectly contributing to the important work of the Occupational Safety and Health Council - an experience that was both meaningful and memorable."