International real estate firm Savills is appointed as the sole agent for the sale of L'HART, 487-489 Lockhart Road, Causeway Bay ("The Property"). The property has a site area of approximately 2,182 square feet and a gross area of approximately 32,681 square feet. Completed in 2008, the property is being sold in "as-is" basis with existing tenancies.
The property is a 26-story boutique building, with each floor having a gross area of approximately 1,267 to 2,068 square feet. The floor height is about 3.3 meters, and the load-bearing capacity is 5 kPa. Currently, it is mainly leased to restaurants and beauty shops. The property is strategically located in one of the busiest areas of Causeway Bay—Lockhart Road—and is directly opposite to Causeway Bay Plaza 1 and Exit C of the Causeway Bay MTR Station, making it very accessible. The district is characterized by its many large shopping centers and department stores, which generate substantial foot traffic. This bustling atmosphere has made the area very popular among tenants, who benefit from the lively retail scene that attracts a diverse clientele.
Mr. Peter Yuen, Managing Director, Investment, Savills Hong Kong said, “The asking price for the property is HKD 600 million, with a current occupancy rate exceeding 75%. The quality of the tenant mix is high, and it is expected that once fully leased, the monthly rental income will be around HKD 1.5 million, providing buyers with stable immediate rental income. Additionally, being situated in a prime retail area in Causeway Bay is expected to attract investor interest.”