Mong Kok whole-block property heads for public tender

Tender closes on 27 May.

A whole-block commercial-residential property at 67-71 Argyle Street in Mong Kok will be offered for public tender, with the sale scheduled to close at noon on 27 May, according to its sole agent CBRE.

The corner property sits next to Exit D2 of MTR Mong Kok Station. 

The ground-floor shop is currently leased to Futu Securities, which has installed a large LED advertising screen.

The asset could appeal to buyers seeking both rental income and longer-term upside, with CBRE citing asset enhancement and redevelopment potential subject to government approvals.

Reeves Yan, executive director and head of capital markets at CBRE Hong Kong, said recent transactions in core districts pointed to improving sentiment.

He cited the sale of selected shops and the basement of Good Hope Building for about $83.2m, and the lease of a ground-floor shop at Cheung Kei Building for about $260,000 a month, or $498 per square foot.