Project Details
Client Represented: Instructing Party: 4 local investors
Purchaser: Ko Shi Wai Real Estate Development Limited
Location: No. 3 Luk Hop Street, San Po Kong
Consideration: HK$345,458,000
Size: 5,700 SF approx. (Site)
82,080 SF approx. (after redevelopment into a modern industrial building)
Background
When the Vendors approached CBRE they were keen to dispose of the property at a good price for reinvestment. An en-bloc industrial building with a site area of approximately 5,700 sq. ft., the property has the potential to be redeveloped into a modern industrial building with a gross floor area of approximately 82,080 sq. ft.
The Challenges
All legal documents relating to the sale and purchase of Hong Kong properties must be signed in Hong Kong. This presented a challenge as one of the Vendors lives in Australia. The Purchaser also planned to apply for the 20% bonus plot ratio available through “Industrial Revitalization 2.0”. This created a tight deadline as the scheme was set to expire in early October 2021.
How we created advantage
A professional legal advisor introduced by CBRE informed the overseas owner that he could authorize someone to sign on his behalf. CBRE also advised the Purchaser to start preparing the planning application after providing the Vendors with a tailor-made deal which ensured the application could go ahead. The Purchaser met the deadline with just seven working days ahead and the outcome was a win for both sides.
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