Retail spaces in non-core areas continue to pull investments

The retail podium at Coo Residences in Tuen Mun was sold for $450m.

Retail investment sentiment continued to gravitate towards non-core areas in October.

Proof of this is the sale of the retail podium (17,230 sq ft) at Coo Residence in Tuen Mun for $450m at an estimated yield of 3.7%.

Overall, the leasing moment continued to improve during the month. 

Apart from investment in non-core areas, JLL said "bargain hunt opportunities" at prime street spots also led to better leasing in October.

"For example, Japanese drugstore Matsumoto Kiyoshi committed to a ground floor shop (6,081 sq ft) on Kimberly Road in Tsimshatsui for a reported monthly rent of 400,000; more than a 55% discount from the rentals of the last long-term lease tenant – Sa Sa Cosmetic," JLL reported.