Central Wellington Street Shops Listed for Sale at HK$132M, Over HK$21K per Sq Ft
On.cc · 1 SOURCESabout 3 hours ago6 MIN
Summary
A property owner is listing a portfolio of commercial units on Wellington Street in Central for approximately HK$132 million, with an average asking price of about HK$21,569 per square foot. The portfolio spans multiple levels of Yuen Yick Building at 27-29 Wellington Street, covering approximately 6,120 square feet in total building area. The units are being offered in various conditions—some with existing tenancies generating around 4% rental yield, others vacant—with flexibility to purchase individually or as a complete package. Industry observers point to recent comparable transactions in the area as evidence of strengthening commercial property sentiment in the core Central district.
Key Points
- The portfolio at Yuen Yick Building (27-29 Wellington Street) includes ground floor units 27 and 29, mezzanine, basement, and the entirety of floors 1 and 2, totaling approximately 6,120 square feet
- Asking price stands at approximately HK$132 million with average price per square foot of around HK$21,569; properties can be purchased individually or as a complete set
- Ma Zhenshun from Centaline (中原) Industrial & Commercial Property Department is handling the sale; the tenanted portion offers rental yield of 4% or above
- Properties feature three-phase electricity and private toilets, suitable for brand retail, dining establishments, and beauty services
- The building enjoys proximity to Central MTR station, Pedder Building, Entertainment Building, Lan Kwai Fong, and major shopping destinations including Landmark and IFC
- Recent comparable deal: Wellington House at 62 Wellington Street, a 6-storey commercial building constructed in 1978, sold for approximately HK$66.8 million—its first market listing in nearly 50 years
Why It Matters
The listing underscores renewed investor confidence in Central's prime commercial real estate, as evidenced by a string of recent acquisitions by financial groups in the SoHo district and the swift sale of Wellington House after nearly half a century off the market. With tourism and business travel resuming to pre-pandemic levels, Central's retail and dining premises command premium valuations due to their proximity to major shopping landmarks and robust foot traffic from both locals and visitors alike .
The listing underscores renewed investor confidence in Central's prime commercial real estate, as evidenced by a string of recent acquisitions by financial groups in the SoHo district and the swift sale of Wellington House after nearly half a century off the market. With tourism and business travel resuming to pre-pandemic levels, Central's retail and dining premises command premium valuations due to their proximity to major shopping landmarks and robust foot traffic from both locals and visitors alike .