CBRE Appointed As Sole Agent for the Sale of Entire Victory Factory Building No. 16, Wong Chuk Hang Road, via Expression of Interest (EOI)

CBRE has been appointed as the sole agent by the owner for the sale of 100% ownership of Victory Factory Building, No. 16, Wong Chuk Hang Road, via Expression of Interest (EOI). The indicative unit price is approximately HK$4,706 per sq. ft., with the total asking price of approximately HK$579 million. The deadline for offer submission is 12noon, July 23, 2025 (Wednesday).

Currently owned by two family offices in Hong Kong, the property is a 12-storey building (including the rooftop) with a gross floor area of approximately 123,036 sq. ft. The ground floor has two separate entrances: One facing Wong Chuk Hang Road serves as the main lobby, and the Heung Yip Road entrance functions as a warehouse and car park. From the 1/F upwards, the property consists of industrial floors. Currently, only one floor is vacant, with the rest fully leased, achieving an occupancy rate of over 90% (according to the owner, subject to verification).  The leasing status is stable, offering investors immediate and steady rental income upon acquisition.

Victory Factory Building is located in the commercial core area of Wong Chuk Hang, making it highly suitable for businesses of all sizes. It is just a 5-minute walk from Wong Chuk Hang MTR Station, providing quick access to major business districts via the South Island Line. The land lease permits warehouse use, making it ideal for modern storage clients and operators such as mini-storage and logistics centre. Additionally, the property qualifies for revitalisation under the Hong Kong Government’s Industrial Building Revitalisation Policy, offering potential for conversion into commercial use, studios, educational facilities, training centres, entertainment and private clubs, or other approved uses (subject to relevant government approvals), thereby enhancing its asset value.

Daniel Mok, Senior Director, Capital Markets, CBRE Hong Kong said: “It is rare to see a traditional industrial building of this scale offered for sale in Wong Chuk Hang over the past eight years. The current indicative price is below that of similar properties, and with limited comparable supply in the market, it is expected to draw significant attention in the market. The site area boasting 11,730 sq. ft. is particularly scarcely available in the Wong Chuk Hang commercial district. The current price has dropped over 30% from its peak due to price adjustments. At the price of HK$579 million, investors can acquire the property in the Southern District of Hong Kong Island with redevelopment potential. Given the current low interest rate environment, this presents a rare investment opportunity.”

Daniel Mok added: “In recent years, the government has been actively transforming the Southern District into a vibrant area for work, living, and leisure. Wong Chuk Hang is evolving into a new business hub. With the residential projects above the Wong Chuk Hang MTR station achieved strong sales, the area has been successfully transformed into a mixed-use community. The district’s commercial and industrial properties have long been favoured by investors and end-users. Currently, as interest from mainland enterprises and high-net-worth individuals continues to rise, the area has become a top choice for mainland capital and talent investing in Hong Kong, thanks to its prime location and mature commercial and lifestyle amenities.”

Murphy Dik, Associate Director, Capital Markets, CBRE Hong Kong commented: “Wong Chuk Hang offers excellent educational resources, with top-tier international schools and institutions such as the Canadian International School, Singapore International School, and the International Montessori School. This attracts high-net-worth and high-income families to invest and reside in the area, boosting local consumption power. Investors may consider converting the industrial building into education-related facilities, training centres, or commercial support services, potentially enhancing the asset value. Wong Chuk Hang is increasingly attractive to family offices for long-term portfolio holding, as the area offers a more private office environment as compared to core business districts such as Central and Admiralty. The Industrial Building Revitalisation Policy 2.0 also adds the future potential of the property. The quality infrastructure, diverse international schools, luxury residential clusters, and hotels create a premium lifestyle circle that meets the comprehensive needs of family clients. Additionally, the recent influx of galleries, creative institutions, and studios makes it an ideal location for family offices to establish private art storage or exhibition spaces.”

For any enquiries regarding this Property, please contact Daniel Mok, Senior Director (tel: +852 6072 6980) or Murphy Dik, Associate Director (tel: +852 9819 4953), Capital Markets, CBRE Hong Kong.

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Property Advertising Number: CBRE-CM- ADV5261