These were the notable retail property transactions in Hong Kong in Q1
One is a space that was leased for 12.5% lower than its previous tenant.
Leasing activities accelerated in high streets in core locations, according to a JLL report. Committed leases were mostly on the standard two- to three-year terms.
Notably, JLL said the ground floor shop (1,500 sq ft) at 59-61 Russell Street in Causeway Bay was reportedly leased to a local pharmacy for a monthly rent of HKD 700,000, representing a 12.5% discount from the rents of the last long-term lease tenant – Swarovski.
Furthermore, the investment market sentiment continued to improve. The report said a 6,068-sq ft retail podium of the 'Concerto' (a residential project) at 203 Yee Kuk Street in Cheung Sha Wan was reportedly sold for HKD 55.0 million (HKD 9,064 per sq ft) to Dky Holding by Kaisa Group at an estimated yield of 3.6%.