Overview

CBRE Hong Kong has officially been appointed as the sole agent for the sale of a prime commercial property located at No. 321 Java Road in North Point, previously known as Kodak House Phase 1. This coveted asset is up for grabs through a public tender with an estimated value of around HK$1 billion, translating to an average unit price of approximately HK$6,500 per square foot. Interested bidders should note that the submission deadline for tenders is set for 12:00 noon on Thursday, December 5, 2024.

Location and Connectivity

Strategically positioned at the bustling intersection of Java Road and Healthy Street East, this property is a mere 5-minute walk from Quarry Bay MTR Station, providing excellent connectivity. It is in close proximity to several notable Grade A buildings, including No. 633 King’s Road, No. 625 King’s Road, and K11 Atelier King’s Road, amplifying its commercial appeal.

Property Details

Originally completed in 1985, this impressive building boasts 13 floors and a basement car park with 27 parking spaces. Certain levels feature a substantial ceiling height of 6.8 meters, complete with independent entrances, lobbies, and distinct parking areas. This unique configuration not only enhances the property’s functionality but also presents options for future tenants, including medical groups, educational institutions, religious organizations, government bodies, and back-office operations.

Market Insights

Avan Pau, Senior Director of Capital Markets at CBRE Hong Kong, emphasized the rarity of this opportunity: "No. 321 Java Road shares a lot with Kodak House Phase 2; however, while Phase 2 has been sold as stratified units, the ownership of No. 321 remains consolidated, making it a unique find in today’s market. With a lasting 999-year lease and prior permissions for office and commercial use, this building is primed for a variety of industries. The current owner, who acquired it in 2000, is now listing this gem for sale after 24 years of stewardship. At a market valuation of HK$1 billion and a competitive average unit price exceeding HK$6,000 per square foot, this property provides a rare chance for savvy investors seeking commercial real estate on Hong Kong Island."

Investment Appeal

This property stands as a premium investment opportunity, particularly as prices have somewhat softened from their peak, piquing the interest of institutional users and long-term investors alike. Don’t miss your chance to stake a claim on this unique commercial property in the heart of one of Hong Kong’s vibrant districts!