Anchor Street building for sale at $150m

CBRE says it can house 112 students upon conversion.

The commercial building at No. 10 Anchor Street in Tai Kok Tsui is up for sale by public tender at approximately $150m, according to marketing agent CBRE.

The property occupies a corner site at the junction of Anchor Street and Oak Street and spans roughly 20,821 square feet (sq ft) of gross floor area.

It is about an eight-minute walk from the Olympic and Mong Kok MTR stations and within distance of several major tertiary institutions, including the City University of Hong Kong, Hong Kong Metropolitan University, Hong Kong Baptist University, and The Hong Kong Polytechnic University.

CBRE said the building has already been approved for conversion into student accommodation under the government’s Hostels in the City (HIC) scheme, which currently plans for 83 hostel rooms and 112 student beds, subject to final design and statutory approvals.

“No. 10 Anchor Street stands out because it has already obtained approval under the [HIC] scheme and will be sold with vacant possession, substantially shortening the lead time required to implement a student accommodation strategy,” said Frederick Lai, CBRE senior director for capital markets.

The Tai Kok Tsui neighbourhood has previously drawn student accommodation deals, with Silka West Kowloon Hotel selling for about $13,800 per sq ft in 2020 and Rosedale Hotel Kowloon for about $12,500 per sq ft in 2022.

The tender will close on 2 December at noon.