/24-7PressRelease/ - HONG KONG, June 26, 2008 - Located at 160 Gloucester Road, Overseas Trust Bank Building is a prominently situated in the commercial hub of Wanchai North. Built in 1978, the building is a 29-storey commercial premises, with the ground floor currently being rented by a car company. Carparks are located on the 1/F - 4/F while the upper floors are for office use. The subject property is on the 5/F - 9/F, with gross floor area of about 36,901 sq. ft.. It is available for sale as a whole or strata floors.
Overseas Trust Bank Building is well-located in Wanchai. Not only does it enjoy spectacular seaview over Victoria Harbour, but also connects with covered footbridge accessing to other major office buildings in Wanchai North, such as Central Plaza, Sun Hung Kai Centre and the Hong Kong Convention and Exhibition Centre. The property boasts a convenient geographic location, and is well-served by public transportations including buses, MTR, trams and taxis. It is within 5 minutes' walk to Wanchai MTR station and only 10 minutes' drive to Kowloon via Cross Harbour Tunnel.
Given a limited supply and an increasing demand for office space, office rental in Wanchai, particularly those prime office buildings with harbour view, remains strong. The good investment yield has attracted quite a number of local and overseas investors to enter into the market. In the first quarter of 2008, one of the floors in Overseas Trust Bank Building was transacted at a unit rate of HK$8,800 per sq ft.. Wanchai North is a traditional Grade A office zone, it is therefore believed that this property offers an appealing investment opportunity to the market.
For enquiries relating to the sales matters for this project, please contact Mr. William Liu, Director of Investment Properties for CB Richard Ellis Hong Kong at (852) 2820 2822 or Ms. Jessica Yip, Associate Director of Office Services at (852) 2820 8144.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 "best in class" companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our web site at http://www.cbre.com.
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