Mid-Levels West tower up for sale with 999-year lease

Serviced apartment building spans 26,460 sq ft with 25 units.

A 25-unit serviced apartment building in Hong Kong's Mid-Levels West has been placed on the market, with Colliers and CBRE appointed as joint sole agents for the sale.

The companies said in a joint announcement that the property at 68 Robinson Road will be sold on an "as-is" basis with existing tenancies through a company share transfer.

The 26-storey building has a gross floor area of about 26,460 square feet (sq ft), according to approved building plans, and a saleable area of about 17,163 sq ft, the Rating and Valuation Department said.

It comprises 25 fully furnished units in a one-unit-per-floor configuration, with the top-floor unit including exclusive rooftop access, whilst the ground floor has two car parking spaces.

Thomas Chak, Head of Capital Markets and Investment Services at Colliers, said Hong Kong's investment market has regained momentum in the hotel and serviced residence sectors.

"Transaction volume in the accommodation sector during the first quarter has already reached nearly 80% of last year's annual total, highlighting investors' strong demand for income-generating hospitality assets," Chak said.

He said the property's location and existing tenant base provide purchasers with immediate rental income.

Daniel Mok, Senior Director of Capital Markets at CBRE, said the building underwent a complete refurbishment in 2023, which could reduce buyers' operational and capital expenditure over the next 10 to 15 years.

Together with the neighbouring nine-storey building, Mok said it offers considerable redevelopment and merger potential and noted its 999-year lease term.

"Recently, Hong Kong has recorded several notable transactions of residential sites and en-bloc properties, with increasing interest from local developers, Mainland, and international buyers actively enquiring and seeking acquisition and investment opportunities in local en-bloc residential properties," Mok said.