Savills Appointed as Sole Agent for the Sale of THE NATE, Tsim Sha Tsui, comprising a Retail Podium and Co-living Residential Units, with a Market Price of HK$550 Million

The Property has undergone comprehensive renovation and refurbishment in recent years, with capital expenditure of approximately HK$100 million. The retail podium spans five floors, with each floor having a gross area ranging from approximately 1,900 to 2,500 square feet. All six retail units have been leased to restaurants and cafes. Each co-living residential floor has a gross floor area of approximately 2,600 square feet, with The Property offering a total of 71 studio rooms along with shared amenities and facilities.

The Property is located at 176 Nathan Road, Tsim Sha Tsui, situated at the intersection of Nathan Road and Hillwood Road. It is a prime location in the traditional core commercial and shopping district, offering excellent accessibility within short walking distance to Tsim Sha Tsui and Jordan MTR stations, providing convenient transportation options. Furthermore, it is in close proximity to the West Kowloon High Speed Rail station, Hong Kong Polytechnic University, and Hong Kong Metropolitan University.

Mr. Peter Yuen, Managing Director, Investment of Savills stated, “The current market price of the Property is approximately HK$550 million, with a unit price of around HK$17,200 per square foot. This represents a significant discount compared to the price prior to the pandemic. Additionally, the property boasts high occupancy rates, with the retail component being fully-let and the residential component maintaining 90%, offering immediate and stable rental income for potential buyers.

Moreover, with the government's "Top Talent Pass Scheme" and the doubling of non-local student quotas in universities starting from the next academic year, it is anticipated that the demand for both residential and co-living units will continue to increase. This is expected to further drive up the residential rental market. The Property benefits from its proximity to the Hong Kong Polytechnic University and the West Kowloon High Speed Rail station, making it convenient for students and frequent commuters between Hong Kong and mainland China with higher budgets. These factors are likely to attract residential operators, private equity funds, and various investors to inquire about the Property.”