CBRE Appointed as the Sole Agent for the Sale of 5/F to Penthouse, No. 382 Lockhart Road, Wan Chai, Hong Kong

CBRE has been appointed as the Sole Agent for the sale of the entire commercial portion from 5/F to Penthouse, No. 382 Lockhart Road, Wan Chai, Hong Kong (the “Property”). The Property will be sold by Private Treaty on an “as-is” basis with existing tenancies together with Naming Right and Signage, at an indicative price of HK$398 million (equivalent to HK$8,405 per sq. ft.).

Strategically located at the junction of Lockhart Road and Marsh Road, the Property enjoys high visibility and partial Victoria Harbour views. Its prominent corner position adjacent to the Marsh Road Flyover—one of the key arteries linking Hong Kong Island and Kowloon via the Cross-Harbour Tunnel—enhances the value of its Naming and Signage assets. The Property is within a 5-minute walk to Causeway Bay MTR Station and a 9-minute walk to Exhibition MTR Station, where one could quickly travel between various places in Hong Kong and to the mainland. 

The Property comprises 47,349 sq. ft. of gross area across 19 contiguous floors. Floors 5 to 15 are standard commercial floors, while floors 16 to Penthouse are subdivided into 52 high-quality, fully fitted office suites. Each floor offers an average area of 2,520 sq. ft., with a floor-to-ceiling height of 3.25m, and up to 4.5m on the Penthouse level. A comprehensive refurbishment was completed in 2023, including upgrades to the lobby, lifts, common areas, and building systems. With a floor loading of 4kPa, the Property is suitable for a wide range of uses including semi-retail, private clubs, fitness studios, and general office operations.

Frederick Lai, Senior Director, Capital Markets, CBRE Hong Kong said: “The property being sold was formerly 'Hotel Ease Access．Wan Chai', which previously had 52 guest rooms. With windows on three sides, the property offers high flexibility and easy reconfiguration. It is expected to benefit from the government's new policy allowing the conversion of commercial buildings into student dormitories, presenting a fresh opportunity for investors.”

In July 2025, the Development Bureau and Education Bureau will launch a pilot scheme to relax regulations for converting commercial buildings and hotels into student hostels. The broadened definition of “hotel” use under the Outline Zoning Plan will allow most commercial sites to be converted without rezoning, and surplus floor area can be retained for supporting facilities such as gyms, study rooms, and laundry areas. This initiative aims to address the acute shortage of student housing, with only 44,000 hostel places available for 192,000 full-time tertiary students in the 2024/25 academic year.

Simultaneously, Hong Kong’s borrowing costs have dropped significantly, providing a favorable financing environment for investors. The one-month HIBOR has fallen from 4.07% in late April to 2.09%—its lowest level since September 2022. This decline, driven by HKMA’s liquidity injections and strong capital inflows ahead of major IPOs, has reduced financing costs and improved investment returns.

Avan Pau, Senior Director, Capital Markets, CBRE Hong Kong said: “With dual tailwinds from policy support and a low-interest-rate environment, 382 Lockhart Road presents a compelling investment opportunity. Whether for stable rental income, long-term value growth, or conversion into student accommodation, this asset offers flexibility and upside potential. Now is an opportune time to enter the market.”

For any additional details about the Property, please contact Mr. Frederick Lai, Senior Director (Tel: +852 9194 5323), Mr. Avan Pau, Senior Director (Tel.: +852 9836 9656) or Mr. Simon Yu, Associate Director (Tel: +852 9685 8365), of Capital Markets, CBRE Hong Kong. 

Property Advertising Number: CBRE-CM-ADV3578