Wan Chai Office Units Listed at HK$20M as Grade B Buildings Attract Investor Interest
AM730 · 2 SOURCESabout 2 hours ago3 MIN
Summary
A property owner is listing connected office units on the 17th floor of Heung Fung Building at 128 Gloucester Road in Wan Chai for an indicative price of approximately HK$20 million, representing about HK$11,730 per square foot. The units span a combined gross floor area of approximately 1,705 square feet and offer flexible purchase options, either together or separately. This listing comes as the Wan Chai commercial office market shows renewed momentum, particularly for Grade B buildings with quality amenities and transportation access. The listing agent, Midland (Industrial and Commercial), notes that the market has seen increased buyer interest following the Estate Agents Authority's recent acquisition of a full floor in the same area for approximately HK$70 million.
Key Points
- The two connected units are located at Heung Fung Building, 128 Gloucester Road, Wan Chai, with Unit B comprising 1,063 sq ft sold with tenant in place at HK$12.2 million, and Unit C at 642 sq ft sold vacant at HK$7.78 million
- Heung Fung Building stands 29 storeys tall with distinctive gold glass curtain wall exterior, managed by a professional property management company with central air conditioning and six lifts serving passengers, cargo, and vehicles
- Three-level car park provides approximately 55 parking spaces, a rare feature for Hong Kong Island commercial buildings
- Transportation connectivity is excellent with dual MTR access near Wan Chai Station and Exhibition Centre Station, plus multiple bus and minibus routes connecting to all districts and the Greater Bay Area
- The Estate Agents Authority recently spent approximately HK$70 million to acquire the entire 21st floor of an Overseas Trust Bank Building nearby at HK$9,533 per sq ft, stimulating increased viewings for Grade B commercial buildings along Gloucester Road
Why It Matters
The dual transaction activity signals renewed institutional confidence in Hong Kong's core commercial property market, with the Estate Agents Authority's strategic acquisition at a sub-HK$10,000 per sq ft price point indicating value-seeking behaviour by government-affiliated bodies. For individual investors and corporate buyers, the combination of flexible unit configurations, quality building amenities, and superior transportation links positions Wan Chai Grade B office buildings as attractive alternatives to premium-grade properties in the current market environment. This listing follows a broader trend of buyers taking advantage of the current market cycle to acquire office space for either self-use headquarters or long-term rental investment purposes .
The dual transaction activity signals renewed institutional confidence in Hong Kong's core commercial property market, with the Estate Agents Authority's strategic acquisition at a sub-HK$10,000 per sq ft price point indicating value-seeking behaviour by government-affiliated bodies. For individual investors and corporate buyers, the combination of flexible unit configurations, quality building amenities, and superior transportation links positions Wan Chai Grade B office buildings as attractive alternatives to premium-grade properties in the current market environment. This listing follows a broader trend of buyers taking advantage of the current market cycle to acquire office space for either self-use headquarters or long-term rental investment purposes .