Excellent accessibility with great conversion potential of "Ginza" style commercial building
News release
05 September 2022
Rare En-block Commercial Building in Prince Edward for Sale
HONG KONG, 6 September 2022 – JLL has been appointed as the sole agent for the sale of On Hong Ning Commercial Building at No. 793 Nathan Road in Prince Edward. The property will be sold on "as-is" basis with vacant possession. The market estimates the property to be worth about HKD 280 million with an average price of HKD 15,802 per sq ft.
Completed in 1982, the 14-storey building occupies an approved gross area of approximately 18,000 sq ft with a site area of 1,612 sq ft. The basement and the ground floor were used as retail with a floor area of 3,120 sq ft. It also comes with a separate entrance at ground level for the basement shop. The 1st to 14th floors were used as offices. The property is well-equipped with a pump drink system, independent air-conditioning and independent lavatories on each floor.
Located at the core Kowloon area, the property offers convenient transportation links with Prince Edward MTR station Exit A within two minutes' walking distance. In addition, the property sits on Nathan Road, one of the busiest but well-connected roads in Kowloon, making it easy to travel between Hong Kong Island and the New Territories and offers a high economic value on outdoor advertising.
James Wong, Senior Director of Capital Markets at JLL, said: "It is rare to see an en-block commercial building with good quality facilities for sale in the core Kowloon area. The property is the first on the market for sale after over 50 years of ownership. Located on Nathan Road and steps away from the MTR station, the property is situated at a prime location in a mature neighbourhood. With its vacant possession, individual investors or funds could quickly repurpose the property into a "Ginza" style commercial building. Since the office supply for medical centres is tight and the demand is stable, the rents could reach HKD 40 to HKD 50 per sq ft, which offers a high rental yield for the investors."
Please contact Mr. Wong at 9775-8111 or Mr. Tam at 9198-3529 for more information about the property.
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.