An eye-catching blue property at No. 88 Stanley Main Street in Hong Kong has been launched for sale through a public tender.
Colliers International, the sole marketing agent for the property, said the blue-building property has a total site area of 948 sq ft and an existing gross floor area of 1,586 sq ft. It is zoned for “Residential (Group A) 1” use, and has already been approved by the Town Planning Board to be redeveloped into a 10-storey hotel tower, with a maximum GFA of not more than 8,355 sq ft.
With a lucky street number “88”, the blue property is located in one of Hong Kong’s most attractive tourist destinations and home to a number of famous pubs and restaurants. The Stanley Main Street features an unobstructed sea view with other attractions such as the Stanley Market and the Murray House.
Reeves Yan, manager of investment services at Colliers International Hong Kong, said Stanley Main Street is a famous gateway destination among tourists and locals. The property, which has a grand sea view, will be sold on an “as-is” basis.
Currently, the property is being occupied by The Boathouse, a popular restaurant and pub in the area.
“The approved hotel scheme represents a great redevelopment potential of the property. With the existing secured lease to a quality tenant as well as the approved hotel scheme, the property is a valuable opportunity offering potential buyers the options of earning a stable rental income and redevelopment of a brand new building,” said Mr. Yan.
The tender for the property will close on October 29.