Project Details
Client Represented: Rich Union Development Ltd. (Nan Fung Group)
Location: Airside, 2 Concorde Road, Kai Tak
Size: Approx. 700,000 SF
Challenge
CBRE was commissioned by Rich Union Development Limited (Nan Fung Group) to provide a retail development strategy that would unlock the retail potential of site NKIL 6556, a commercial development later named Airside. The retail section spans the lower levels and basement of the premise, with the highlight of a 24/7 underground shopping street – the first of its kind in the district.
Solution
By examining the market trends affecting core retail clusters in Hong Kong, CBRE was able to forecast likely influences on the market in the short-to-medium term and provide an overview of other key retail developments in the Kowloon East and Kai Tak districts. Detailed market research and an analysis of the area’s current and anticipated demographic also enabled CBRE to provide high-level recommendations on optimal market positioning, target catchment and customers, supportable floor space and proposed retail tenant types and mix.
Result
CBRE leveraged its proven experience in retail marketing strategy consultancy, expertise in the retail sector and the Retail team’s relationship with prominent international brands to secure top-tier tenants for Airside in accordance with the client’s objectives. These included a supermarket, a cinema and other international brands.
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