Kennedy Town retail podium put up for sale at $180m

The fully let Harbour View Garden Tower III asset offers an expected gross yield of about 4.5%.

The entire retail podium of Harbour View Garden Tower III at No. 2 Catchick Street in Kennedy Town has been put up for sale at an indicative price of $180m, according to its sole agent CBRE.

The property, comprising the ground and first floors of the building, is expected to yield around 4.5% on a fully-let basis, based on information provided by the owner.

The asset has a total gross floor area of about 24,884 square feet (sq ft), including 10,961 sq ft on the ground floor and 13,923 sq ft on the first floor.

It is located at the corner of Catchick Street and North Street, about a two-minute walk from Kennedy Town MTR Station.

The property has undergone a comprehensive refurbishment programme, including a modernised façade, upgrades to electrical and mechanical systems and fire services, and the installation of a new direct lift connecting the ground and first floors.

It is fully let to tenants, including a convenience store, a 24-hour fitness centre, and the only cinema in the Western District.