CBRE Appointed As The Sole Agent For The Sale Of An-En-Bloc Industrial Building with Redevelopment Potential In Kwun Tong

Built in 1979, the property is a high-quality industrial building with major refurbishment works completed in 2013 and 2016. With a site area of 6,420 sq. ft., it has a total plot ratio area of approximately  60,527 sq. ft., with the ground floor for carpark and loading/unloading purposes, and 1/F to 12/F for light industrial use. 

The property will be sold with vacant possession and will be suitable for owner-occupiers looking for their own headquarters building, or value-added investors looking to reposition the asset or conduct a full redevelopment. Located in the heart of Kowloon East - the CBD 2, the building can offer panoramic sea views of Victoria Harbour upon redevelopment and is within 8 to10 minutes walking distance from the nearby Kwun Tong MTR station.  

Reeves Yan, Executive Director, Head of Capital Markets, CBRE Hong Kong, said: “With the launch of the Pilot Scheme for Charging Land Premium at Standard Rates on Lease Modifications for Redevelopment of Industrial Buildings and other policies such as the Industrial Revitalization 2.0 Scheme and abolition of the Double Stamp Duty for non-residential properties, No. 166 Wai Yip Street is well positioned to benefit from numerous investment strategies, representing an attractive opportunity for investors to maximize asset value. Industrial assets have been a leading asset class in the property investment market lately, contributing to 31% of total commercial real estate transaction volume in the first half of 2021, representing an investment turnover of HK$10.9 billion. We believe the interest in this sector will remain strong in the future.” 

For any enquiries regarding this property, please contact Reeves Yan, Executive Director and Head of Capital Markets at 9463 9892; Frederick Lai, Director, Capital Markets at 9194 5323 or Vivien Chan, Senior Manager, Capital Markets at 9380 8825.

Karin Building, No. 166 Wai Yip Street, Kwun Tong

Photos are for reference only


Property Advertising Number: CBRE-CM-ADV2956