CBRE Appointed as Sole Agent for Sale of Retail Podium of Lee Kee Building, Kowloon Bay

CBRE has been appointed by the owner as sole agent for the sale of retail podium of Lee Kee Building, No. 55 Ngau Tau Kok Road, Kowloon Bay, which includes two large-scale retail floors, 1/F and 2/F.

Located adjacent to Amoy Plaza in the traditional core residential area in Kowloon Bay, Lee Kee Building is surrounded by major housing estates such as Amoy Gardens and Telford Gardens, along with nearby public housing estates, forming a residential community of over 100,000 people (source: 2021 Population Census). The area enjoys consistent foot traffic throughout the day. Additionally, the property will benefit from the government’s planned covered footbridge, scheduled for completion in 2026, which will connect Amoy Plaza and the East Kowloon Cultural Centre. This will allow pedestrians to reach Kowloon Bay MTR Station within a three-minute walk, enhancing connectivity and boosting the property’s value. The sale includes the rights to a large exterior advertising billboard, making it ideal for investors seeking stable rental returns or for self-use by pet service centres/welfare organisations, kindergartens, religious or educational institutions.

The property has a total gross floor area of approximately 39,400 sq. ft. (subject to verification), with an indicative asking price of HK$180 million, or around HK$4,569 per sq ft. It is available for sale either as a whole or in parts.

Currently, the property is leased to three stable long-term tenants. One of them is a well-established tutorial centre that has operated in the building for years and serves as a prominent education hub in the area. The entire second floor is leased to a 24-hour fitness centre, which expanded from half a floor to a full floor. It is the only large-scale 24-hour gym in the Kowloon Bay residential district and one of the busiest branches among the brand’s 100+ locations.

Daniel Mok, Senior Director Capital Markets, CBRE Hong Kong, said: “This property is located in a prime area surrounded by large public and private residential communities. Its commercial positioning aligns well with the consumption needs of local families, ensuring a stable and ample flow of potential customers. The property’s excellent transport links will be further enhanced by the upcoming covered footbridge in 2026, which will connect Amoy Plaza, the East Kowloon Cultural Centre, and Kowloon Bay MTR Station within a few minutes, without the need to cross roads, further boosting its commercial value. The building is equipped with elevator and escalators for easy access, and both owners and tenants can utilize the large exterior billboard to attract their target audience.”

Murphy Dik, Associate Director, Capital Markets, CBRE Hong Kong, added: “The tenants in the property are stable, and the management fees are reasonable, which helps reduce operating costs and increases tenant retention, providing owners with steady rental income. One of the tenants, the 24-hour fitness centre branch, is one of the brand’s top-performing locations. For this tenant, it is difficult to find alternative premises over 20,000 sq. ft. in the area, making the lease highly secure. There is room to optimise rental income, and the investment offers attractive value. Based on the current asking price, the estimated yield exceeds 5% (subject to verification).”

For further details, please contact Daniel Mok, Senior Director (Tel: +852 6072 6980) or Murphy Dik, Associate Director  (Tel: +852 9819 4953), Capital Markets at CBRE Hong Kong.


Property Advertising Numbers: CBRE-CM-ADV-5410