(17 July 2017, Hong Kong) Savills has been appointed by Champion REIT as the principal agent for the global tender sale of “Langham Place Office Tower”. Located at 8 Argyle Street, this iconic commercial building is the second highest in Kowloon.
PRC Magazine #21, Langham Place Launch Issue
Raymond Lee, CEO of Greater China, Savills who is leading the project, remarked, “the sale of such a landmark property will attract interest from investors and buyers who possess a “collector mindset”. Located in the heart of Kowloon and right above Mongkok MTR Station, the skyscraper also benefits from the neighbouring Langham Place Mall and Cordis Hotel.
The occupancy of the tower has reached 100 per cent. I strongly believe that the successful sale of the property will mark a new record in Kowloon’s commercial market. It is worth mentioning that the building height limit set by the Government has further amplified the value of this “Langham Place Office Tower” as there will not be another chance to develop a building of this height in the area.”
With Raymond’s success in completing a handful of significant deals in London, Sydney and Melbourne namely the Leadenhall Building, Exchange Center (ASX) and 12 Riverside Quay (Headquarters of Exxon Mobil in Melbourne), he has a thorough knowledge of the logistics behind selling iconic buildings globally. He believes that potential buyers will come from the Mainland, Hong Kong and even the Middle East. Raymond anticipates that indicative price for this extraordinary property is around HK$24.5 to 25 billion (over HK$35,000 per sq ft)
Tender Closing date is scheduled by September / October 2017.
Photo caption: (from left) Godfrey Cheng, Senior Associate Director; Raymond Lee, CEO of Greater China; Frank Marriott, Head of Regional Investment
Remarks: Soaring high above all its surroundings, the 255m Langham Place’s 59-storey A Grade office tower stands as the defining landmark right at the heart of Kowloon. Within its lofty mirrored glass facade, the tower offers over 770,000 sq. ft. of office space (approximately 17,000 sq ft each floor) with panoramic views of Victoria Harbour and the whole Kowloon Peninsula. The office building is located next to the shopping giant Langham Place Mall, with a daily footfall of 250,000 to 300,000.