Savills has been appointed sole agent for a public tender sale of 25/F and two parking spaces of 181 QRC – Grand Millennium Plaza (Low Block). The indicative price is HK$ 410 million.
181 QRC has always been hailed as the benchmark office building in Sheung Wan. The 26-storey Grade A office comprises a retail podium and 23 floors of office space with a combined gross floor area of 383,091 sq ft. With its easy accessibility, the property has attracted a number of financial institutions and international groups to lease space in the building. Currently on sale is the whole 25/F totaling 15,451 sq ft, including two parking spaces.
Grand Millennium Plaza (Low Block) was once sold to private-equity real estate fund MGPA by end of 2009 for HK$3.4 billion by Savills. The transaction was amazingly completed within two months time. With the excellent location, sale of any office space of this property is very rare. Last transaction was taken back to selling 26th floor in October 2010 for HK$13,500 per sq ft. In addition, the demand for parking spaces in Sheung Wan is extremely limited, with one parking space of Grand Millennium Plaza sold at HK$2.8 million. Earlier this year, a parking space at Shun Tak Centre was sold at a record of HK$4 million.
Peter Yuen, Deputy Managing Director and Head of Sales and Investment, Savills said, “leasing demand for Grade A offices in core areas is strong which is resulting in positive investment sentiment. Rents of Grade A office buildings in Sheung Wan are generally stable and vacancy rates are low. With surging demand from Mainland corporations for Grade A offices on Hong Kong Island and the rare availability of a floor of over 10,000 sq ft, I believe that this opportunity will generate a lot of interest from both investors and end users.”