53 Queen's Road Central sold for HK$606m

The site of the existing building might be merged with the neighbourings for redevelopment.

According to Colliers, completed in 1972, No. 53 Queen’s Road Central is a 6-storey commercial building. Strategically located on Queen’s Road Central and within close proximity to The Landmark, the subject Property is opposite to H&M’s flagship store in Central.

In October 2012, the fully occupied building was acquired by a local investor for HK$606 million. As the neighbouring buildings are mostly in single ownership, there is potential to merge the site of the existing building with the neighbourings for redevelopment. The redevelopment potential and synergic benefits off-set the price premium.

As a commercial building, the subject Property is a rare en-bloc opportunity with its strategic location and current semi-retail tenant mix. The geographical setting in Queen’s Road Central provides high pedestrian flow and subsequent retail demand leverage.

In addition, the potential merger provides synergic benefits which off-set the price premium. The enlarged site area after the potential merger offers redevelopment opportunity and is expected to be another landmark vertical retail complex, after the successful conversion of the office building at 139 Queen’s Road Central into L’ Place – a vertical retail complex in Central.