HKUST acquires Metropole Restaurant site for $354 million

The 35-year-old Metropole Restaurant in Admiralty will close by the end of September after its self-owned premises were sold for HK$354 million to Hong Kong University of Science and Technology for classroom use.

The Metropole Restaurant occupies the entire fourth floor of United Centre, with a gross floor area of approximately 31,410 square feet.

The property was sold for HK$354 million, averaging HK$11,270 per sq ft, with HKUST as the buyer.

Market sources indicate that the transaction has been registered with the Hong Kong Land Registry.

It is reported that HKUST will use the premises as a classroom for its executive master of business administration program.  

Operating under the Heichinrou Group, Metropole Restaurant was part of a property portfolio the group acquired in 1989 for HK$455 million, purchasing the entire fourth and fifth floors of United Centre, along with unit 601.
 
The group later sold portions of the property in phases, including part of the fifth floor for HK$91 million in 2002.

In January 2023, unit 601 on the sixth floor of United Centre – about 2,300 sq ft – was sold for HK$48 million to the University of Hong Kong.

ANSON LUK