Client Represented: Pakpolee Commercial Centre
Location: 1A – 1K Sai Yeung Choi Street, Mongkok
Size: Approx. 20,642 SF net across 5 floors
CBRE was appointed by Pakpolee Commercial Centre to lease the entire retail podium amid market downturn and weak consumer sentiment since the beginning of 2015. One of the major challenges of the project is that many retailers think the small street shops on G/F Pakpolee lack the visibility on street front. Another major issue is the lack of escalator inside the property which limits vertical transportation within the shopping centre.
CBRE consolidated the feedbacks from potential tenants and suggested the landlord to install escalators to improve the vertical transportation across the retail levels. After several rounds of technical meetings and discussions with the project management experts, the landlord finally adopted the suggestion to install several pairs of escalator on all retail levels, and to maximize the size of signages on the façade to catch shoppers’ eyeballs.
With the property’s much improved visibility and vertical transportation system, CBRE were able to secure Forever 21 for leasing the entire retail podium with a satisfactory rent even under uncertain retail condition in Q4 2015. It was a win-win situation for the landlord to secured a good tenant, as well as for Forever 21 to launch a flagship store in the heart of Mongkok. The premise was then leased to Bauhaus Outlet in 2019-2021 and currently to Chamonix.
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CBRE sold the en-bloc property for HK$295 million within three months of the day the vendor decided to dispose, successfully assisted Weave Living to expand into multi-family rental residential market.
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