• Savills Appointed Sole Agent for the Tender Sale of Rare Retail Space in North Point

    26 August 2015

    Savills has been appointed as the sole agent for the tender sale of the ground floor, 1st and 2nd floor (including the elevators on the ground floor and the motor room on the 3rd floor) of Merlin Garden, 160 Electric Road, North Point. The indicative price of the property is HK$1.5 billion and the tender closing date is 23 September 2015 (Wednesday) at 12 noon.

    Electric Road

    The gross area of the property is 10,720 sq ft and it is currently occupied by a Chinese restaurant. The current lease will expire on 30 June 2016, with an option to extend for another three years. The current monthly rental is HK$450,000. The shop window of the property is over 40 ft wide, and with its location at a set of traffic lights, it easily catches the attention of people in the area.

    Peter Yuen, Deputy Managing Director and Head of Investment, Savills said, “It is a rare opportunity to find a retail space with an area over 10,000 sq ft on Hong Kong Island. The property is located in the centre of the business area of Fortress Hill. There are a number of benchmark buildings and hotels in the area, for example @Convoy, AIA Tower, Citicorp Centre, iclub Fortress Hill Hotel and Harbour Grand North Point.”

    Earlier this year, Union Park Tower, at 168 Electric Road, sold for HK$450 million. With a total floor area of 40,000 sq ft, the average price per sq ft was HK$11,400. This indicates strong positive investment sentiment in the area, with increasing momentum from investors.

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