• The property enjoys a prime location and a stable rental income
• Savills Investment team closed the deal despite the challenging market
Hong Kong – 17 Sep 2019 Prominent real estate advisor Savills is delighted to announce the successful sale of a majority share of Winway Building located at 50 Wellington Street, Central for HK$780 million to a wholly owned subsidiary of SEA Group (HK00251). This is a rare prime office building transaction in the second half of 2019.
Situated on the prime segment of Wellington Street and neighbouring Yung Kee Restaurant, the 24-storey building is only a few steps from Queens Road Central and Central MTR Station. It has become home to several professional firms from the fields of accounting, medicine and law since its completion in September 1998. The 58.83% undivided shares sold span a total gross area of approximately 34,243 sq ft.
Mr. Peter Yuen, Managing Director, Head of Investment & Sales of Savills, who led the project, commented: “An opportunity to acquire a prime office building in Central is very rare. Developed in 1963 and reconstructed in 1998, the property has a strong history. We were very pleased to be appointed by the vendor as sole sales agent to dispose of this precious property on an ‘as-is’ basis. During the past months, the on-going US / China trade tensions, as well as the social unrest have hit investment sentiment, however, we managed to conclude the deal in a very challenging market in only 3 months.”