CBRE Appointed as Sole Agent for Sale of 14,000 sq.ft. Retail Space in Kennedy Town

CBRE has been appointed as the Sole Agent for the sale of Shop Nos. 1(i) &1(ii) on G/Fand the whole of 1/F of Harbour View Garden Tower III, 2 Catchick Street, Kennedy Town. The property for sale includes a substantial retail space with a total gross area of approximately 14,000 sq.ft.

Situated in the core residential neighbourhood of Western District, Hong Kong Island, the property benefits from the cluster of newly developed luxury residential complexes in the area and its close proximity to several popular tourist spots, attracting both local residents and tourists to visit for leisure and spending. Harbour View Garden Tower III is located at the junction of Catchick Street and North Street, with the property occupying a highly visible, open corner location that attracts strong foot traffic. It is only a two-minute walk from Kennedy Town MTR Station.

With a gross area of approximately 13,923 square feet (provided by the Landlord, to be verified), the property features a prominent corner frontage and a high ceiling of approximately 4.55 meters. It is currently leased to a well-established cinema operator with a stable business and a long-term lease, providing the incoming owner with steady rental income stream. While the property is currently optimized for cinema use, its existing layout and structure offer flexibility for a wide range of future uses. Previously occupied by a church and a restaurant, it is well-suited for various commercial purposes including churches, restaurants, education institutions, cinemas, fitness centres, and other business uses. The property will be sold by Private Treaty with existing tenancies, at an indicative price of HK$130 million (equivalent to HK$9,337 per sq.ft.). 

The existing long lease to the cinema operator has established the property as a key entertainment destination within the Kennedy Town community. The tenant has been in occupation since 2021, and its continued success underscores the scarcity of high-quality space in the area, further strengthening the stability of the tenancy. Furthermore, the property also aligns with the HKSAR Government’s latest Policy Address initiative to strengthen Hong Kong’s position as an international education hub. While not immediately available for conversion, the buyer will also benefit from the property’s flexible usage as local universities are actively expanding their off-campus teaching facilities, acquiring suitable commercial properties to meet their future development needs. Concurrently, religious groups and emerging industries are actively seeking large floor plate spaces in the market, reflecting an increasingly diversified demand for commercial properties, for both investment and self-use purposes. 

Daniel Mok, Senior Director, Capital Markets, CBRE Hong Kong, said, "This property presents a highly attractive investment opportunity. With its prime location and high ceiling, it stands out as a rare, high-quality, large-format retail space on Hong Kong Island. The current tenant is the only cinema in the Western District of Hong Kong Island. Since its opening in 2021, the operator has invested significant time and resources into developing a premium cinema experience, featuring four screening rooms with a total of over 280 seats and state-of-the-art projection equipment, offering an outstanding viewing experience that is well-received by residents across various districts. Furthermore, as the demographic profile of the area evolves and several new luxury residential developments have recently been completed nearby, the demand for leisure and entertainment options in the district continues to grow. This has led to increased demand for commercial spaces, particularly from emerging sectors such as 24-hour fitness centres seeking large floor plates. These trends underscore the unique and rare nature of the property on offer, as well as its strong potential for future returns.”

Sam Tsang, Director, Capital Markets, CBRE Hong Kong, added, " The property's spatial advantages position it to attract premium long-term tenants such as cinema operators. Should future owners have reconfiguration needs, the space can be converted for value-added opportunities and adapt to leverage its inherent features, including high ceilings and independent 24-hour access, to accommodate diverse users such as corporate entities, religious organizations, educational institutions, kindergartens, and restaurants."

For further details on the property, please contact Mr. Daniel Mok, Senior Director, Capital Markets, CBRE Hong Kong (Tel: +852 6072 6980) or Mr. Sam Tsang, Director, Capital Markets, CBRE Hong Kong (Tel: +852 6593 7190).


Property Advertising Number: CBRE-CM- ADV3476