Project Details
Instruction Party:
Lingnan Education Organization
Purchaser: Confidential
Location: No. 7 Tung Shan Terrace & 15 Stubbs Road, Mid-level East
Consideration: HK$500,000,000
Size: 5,000 SF approx. (Site)
Background
The former Lingnan Kindergarten and Lingnan Primary School at 7 Tung Shan Terrace and 15 Stubbs Road have been uninhabited for more than a decade since the campus was relocated to the Eastern District. Lingnan Education Organization decided to dispose the properties in mid-2018 and engaged CBRE as the sole sales agent.
The Challenges and concerns
As a not-for-profit organization, Lingnan Education Organization had two main considerations. First, the disposition campaign should have no adverse effect on the reputation of the organization. Second, despite somewhat complicated land use, the property should be sold for a fair price.
How we created advantage
In 2018, CBRE Capital Markets Team (CM Team) approached over 50 developers and successfully secured several offers. However, as they were quite conservative due to the lengthy process involved in changing land use, they were rejected by the owner.
In 2021, given the previous exceptional performance and service delivered by the CM Team, the Vendor invited us to act as sole agent to remarket the property. CBRE concluded the sale successfully to the full satisfaction and price expectation of the Vendor.
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