Bonham Road building sets the trend with 76pc stake sale

Owners of an old Bonham Road building have become one of the first in the city to target a sale of the property under the new compulsory sale threshold by putting up a 76 percent collective stake on the market.

Last month, Chief Executive John Lee Ka-chiu proposed cutting the compulsory sale application threshold for private buildings aged 50 years or older from 80 percent of the ownership to 70 percent, with an added reduction to 60 percent for buildings 70 years or older, in his policy address.

The market value of the Bonham Road building is estimated at about HK$142 million.

The property is located at 35 Bonham Road in Mid-levels West and the parts of the collective sale include the underground basement, ground floor, first floor and second floors, representing about 76.9 percent of its titles, according to Centaline Commercial.

The total floor area of the building is about 5,430 square feet, and the property will be sold on a vacant possession basis, it said.

Centaline also revealed that approval had been granted for constructing a 27-story residential building at 24-30 Bonham Road, which is adjacent to the property.

The old mansion is now a four-story Western-style building with a site area of about 1,648 square feet, which was built before World War II and is listed as a Grade II historic building.

Additionally, there are many banks, restaurants, pet beauty stores and supermarkets in the neighborhood.

The property is also close to the Centre Street Escalator Link, which connects to the local hub facilities such as Sai Ying Pun Market, schools and community centers.