Sale by public tender for building in a prime location in Hong Kong

HONG KONG: No.88 on Stanley Main Street (pictured), Hong Kong has been put up for sale by public tender.

The eye-catching building in blue is located on prime land and has a site area of about 948 sq ft and an existing gross floor area (GFA) of 1,586 sq ft, said its appointed sole agent Colliers International in a press statement on Monday, Oct 4.

The property is zoned as “Residential (Group A) 1”, and has been approved by the Town Planning Board to develop a 10-storey hotel building, with a GFA of not greater than 8,355 sq ft.

Stanley Main Street is a popular getaway destination among locals and tourists, and is easily accessible, said Reeves Yan, manager, investment services at Colliers International Hong Kong.

The property, which also boasts a grand sea view, is to be sold on an “as-is” basis with existing tenancy. It is currently occupied by The Boathouse, a popular pub and restaurant.

“The approved hotel scheme represents a great redevelopment potential of the property. With the existing secured lease to a quality tenant as well as the approved hotel scheme, the property is a valuable opportunity offering potential buyers the options of earning a stable rental income and redevelopment into a brand new building,” said Yan.

The tender will close at noon on October 29, 2010.