2024-10-03 Squarefoot Editor
Amid a sluggish retail market, a long-established family has sold a large prime street-level shop in a core area at a discounted price.
The ground-floor shop at Rejoice Court on Fa Yuen Street, Mong Kok, with an area of about 2,996 square feet and including some exterior wall advertising space, has reportedly been sold for HK$125 million with the lease intact.
The shop has been subdivided into six units, currently leased to four restaurants. Together with the advertising space, the total monthly rental income is around HK$624,600, offering the new buyer an estimated rental yield of 6%.
Initially, the shop was listed for sale at HK$200 million with a lease, but the price was later reduced to HK$152 million. Recently, an investor acquired it for HK$125 million, marking a price drop of HK$75 million or 38%, with the transaction price per square foot amounting to about HK$41,722.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |