A property in North Point housing one of Hong Kong's most iconic theaters has been listed for sale through tender.

The sale of a portfolio of properties which comprises the Sunbeam Theatre premises, ground floor to sixth floor, and rooftop of the Kiu Fai Mansion on No 413-423 King's Road in North Point, has been entrusted exclusively to the real estate firm Savills.

Kiu Fai Mansion, spanning approximately 96,000 square feet of total gross floor area, is being sold in its current condition and includes existing tenancies.

The tender will close on September 28.

The property available for tender constitutes about 77.41 percent of the undivided shares of the entire building, which is close to the compulsory sale application threshold of 80 percent.

Presently, for private buildings aged 50 years or older, the compulsory sale application threshold stands at 80 percent, but the government is proposing lowering it to 70 percent to make it easier for redeveloping old buildings.

With Sunbeam Theatre being operational for nearly 51 years, the aging building has a significant opportunity for redevelopment.

The theater and commercial area are presently located on the ground floor to the fifth floor, while the sixth floor is designated for residential use.

The property was previously sold for HK$168 million in 2003.

According to Savills, the property is located in the central area of North Point, with convenient access to amenities such as the Harbour North shopping mall, the newly completed Hyatt Centric Victoria Harbour Hong Kong hotel, and Henderson Land's (0012) Novum Point housing estate, all of which are recent projects.

Additionally, it is just a one-minute walk away from the North Point MTR station.

In terms of nearby home prices, the average transaction price for the adjacent Novum Point was HK$27,144 per square foot, as reported on Midland Realty's website.

Savills also mentioned that the property has the potential for redevelopment into a 140,000-sq-ft podium mall, which would result in an almost 50 percent increase in the current building area.

The property holds significant historical value due to the iconic status of Sunbeam Theatre, which was founded in 1972 by a troupe of Shanghai immigrants.

The theater is renowned for its Chinese traditional art performances and Cantonese opera in particular.

Historic North Point theater is up for sale