JLL has been appointed as the sole agent for the sale of a basket of properties at Nos. 49-49C Elgin Street in SOHO district, Central, offering a rare opportunity for long-term investment and potential redevelopment.
News release
21 August 2022
A basket of properties at Nos. 49-49C Elgin Street in Central for sale
HONG KONG, 22 Aug 2022 – JLL has been appointed as the sole agent for the sale of a basket of properties at Nos. 49-49C Elgin Street in SOHO district, Central, offering a rare opportunity for long-term investment and potential redevelopment. Market estimated the properties worth approximately HKD 175 million.
Nos. 49-49C Elgin Street is a 6-storey composite residential building built in 1966. The basket of properties consists of 9 upper floor residential units, which account for 26.47% undivided shares in the building. The total saleable area of the units is about 3,499 sq ft. The site area of the lot is about 4,000 sq ft. According to the Approved Sai Ying Pun & Sheung Wan Outline Zoning Plan No. S/H3/34, the site has been zoned as " Residential (Group A) 12” and has the potential to be redeveloped into a composite residential building. It will be sold on an "as-is" basis and subject to existing tenancies.
Situated in the heart of SOHO, Nos. 49-49C Elgin Street is right next to the Central – Mid-Levels Escalator. The building is adjacent to Staunton Street, Hollywood Road and Peel Street, which are the home to some of Hong Kong’s busiest entertainment and nightlife, with high concentration of restaurants, bars and cafés. It is also only 10-mins walk to Central business area.
Raymond Fung, Executive Director of Capital Markets at JLL in Hong Kong, said: "The Property is surrounded by new residential buildings and serviced apartments such as Caine Hill, Upper Central and latest development projects at Elgin Street. PMQ and Tai Kwun are also in proximity, providing cultural and creative lifestyle experiences. The leasing demand is strong from young professionals and expats. The property has both investment and redevelopment potential. We expect it will attract interest from developers and investors."
For enquiries regarding this property, please contact Mr Fung at 9022 8512.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.