Inter-Continental Plaza top floor on the market for $118m, CBRE says

The top-floor TST East office is fully leased with stable rental income stream.

The entire top floor of Inter-Continental Plaza at 94 Granville Road in Tsim Sha Tsui is up for sale for $118m, sole agent CBRE said in a media statement.

The property comprises the 12th floor of the building, with a gross floor area of approximately 13,020 square feet (sq ft) across nine stratified units. It is being offered on an “as-is” basis with existing tenancies, either as a whole floor or split-unit sale.

CBRE said the units are fully leased, generating approximately $380,000 in monthly rental income. The indicative asking price for the whole floor is about $118m. Two selected units measuring 815 sq ft each have also been launched at an initial price of $5.55m per unit, equivalent to about $6,810 per sq ft (psf).

The property is located in Tsim Sha Tsui East with access to major transport links and nearby MTR connectivity.

CBRE said the podium basement to 3rd floor retail portion of the same building was previously acquired by the City University of Hong Kong for about $880m and is undergoing renovation for academic use.

The firm also said several hotel properties in Tsim Sha Tsui have been converted into student accommodation in recent years, including The Bauhinia Hotel, 2 Austin Road, 80 Kimberley Road, and One Pace 117.

CBRE said the office market is showing signs of stabilisation, with renewed interest in whole-floor office assets from both investors and end-users. It said the property offers potential for subdivision and resale in the future.

CBRE senior director of capital markets Daniel Mok said whole-floor office units in Tsim Sha Tsui East are rare, and noted the presence of education-related uses in the area.

He added that pricing is positioned to attract both rental investors and buyers considering medium- to long-term strategies.