Rare en-bloc building in Tsim Sha Tsui for sale

Hong Kong, 11 November 2024 – JLL has been appointed as the sole agent for the sale of the en-bloc commercial building at No. 80 Kimberley Road, Tsim Sha Tsui, with an estimated market value of around HKD 200 million.

The property is a 14-storey commercial building in the core area of Tsim Sha Tsui with a total gross area of about 19,923 sq. ft. and a frontage of approximately 77 feet. The retail portion occupies around 3,500 sq. ft. and is currently leased to a restaurant. 1/F to 12/F are licensed guesthouses with 45 rooms, providing immediate rental income for the buyer. It can also be converted into student accommodations, potentially increasing rental income. The property will be sold on an "as-is" basis and subject to existing tenancies.

Under the Tsim Sha Tsui Outline Zoning Plan No. S/K1/28, the property’s zoning is classified as "Commercial (6)" with a site area of about 1,898 sq ft. Located at a quasi-corner and with a maximum plot ratio of 12.0, it possesses high redevelopment potential with a maximum GFA reaching approximately 22,776 sq. ft.

The property is conveniently located within a 7- to 9-minute walk from Jordan, Tsim Sha Tsui, and East Tsim Sha Tsui MTR stations, and only about a 6-minute drive from the West Kowloon High-Speed Railway Station. The surrounding area is well-developed with commercial facilities and close to major shopping malls like Mira Place and The ONE.

Lydia Poon, Senior Director of Capital Markets at JLL in Hong Kong, said: "This property is not only desirable for educational, religious, medical, or charitable organisations’ own uses, but also suitable to be converted into student accommodations. The supply of student accommodations in post-secondary institutions has fallen short of the growing demand, and the influx of non-local students will create an additional demand for over 20,000 bed spaces in the next four years,”

“The latest Policy Address also pointed out that the government will launch a pilot scheme to encourage the market to convert hotels or commercial buildings into student accommodations on a self-financing and privately funded basis. Coupled with the very satisfactory rental return, the prospect of acquiring and converting commercial buildings or hotels into private student accommodation is promising. A hotel in the same district as this property was previously sold for HKD 180 million with a unit price of about HKD 7,300 per sq ft, and the buyer plans to convert it into student accommodations. As it is proximate to The Hong Kong Polytechnic University and the shops on the ground floor have high rental values, the property has great upside potential and will attract investors to purchase it as a long-term investment," she added.

For any enquiries of this property, please contact Miss Lydia Poon at 6091-2210 or lydia.poon@jll.com.