The entire block of East Town Building in Wan Chai has been launched for sale with Savills appointed as the sole agent, offering potential for conversion into student accommodation.
Spanning a total gross floor area of approximately 144,395 square feet, the 21-storey building is offered for sale subject to existing tenancies.
It comprises retail premises on the lower and upper ground floors, office from the 1st to 20th floors, and a two-level basement car park providing 48 parking spaces with direct vehicular access.
Savills said in a statement released on Sunday that surrounded by a full range of commercial, retail and dining amenities, the property is well suited for conversion into a student accommodation project.
Savills Hong Kong has collaborated with an architectural firm to prepare a preliminary conversion scheme, and the proposal outlines about 341 rooms and 662 bed spaces.
The tender will close at noon on December 11 this year.
Raymond Lee, chief executive of Greater China at Savills said that amid the surging demand for student accommodation in recent years, the property, which is benefiting from a prime location, substantial floor area and efficient floor plates, offers excellent conversion potential.
“Against a backdrop of limited quality student housing supply and robust demand, the project has the potential to become one of Hong Kong Island's leading student accommodation developments,” said Lee.
Situated at 41 Lockhart Road, the property enjoys prominent triple-frontage exposure along Fenwick Street, Jaffe Road and Lockhart Road, with a three-minute walk from Wan Chai MTR Station, Savills said.
The property was launched for sale last year, with an indicative price of approximately HK$1.45 billion, according to market sources.
It was owned by the Ho Tung family in its early years. In 2003, it was acquired by the Lai family of Fortune Pharmacal for HK$216 million, who have held it ever since for rental income.
