Canton Road Shop Price 72% Wanning 1.2 million Rent
The retail core area, which was once looming in price in the early years, represented a substantial reduction in rents. A ground floor originally rented by Jewellery Co., Ltd., Chow Tai Fook (01929), located in Canton Road, Tsim Sha Tsui, rented more than 72% of the leased rent for almost two years. Wanning, a personal care product chain, has a monthly rent of RMB 1.25 million.
Lost the past two years
Mr. Lau Siu Wai, co-director of Sheraton Wangpu, stated that Section 4 and Shop 5, Ground Floor, Wenli Building, No.86-98 Canton Road, has a total gross floor area of 2,518 square feet and was leased out at a monthly rate of RMB1.25 million, and the rent was reduced to 496 yuan. Guest is Wanning.
Huang Weiwen, deputy managing director of Sheraton Wang Pu, pointed out that the first-hand tenant was Chow Tai Fook, who rented it for 4.52 million yuan per month during the peak retail period in 2013, and the latest rent dropped sharply by 3.27 million yuan from 7 years ago, a drop of 72.3%. It is believed that the rent adjustment of the shop has been completed.
According to the statistics, after Chow Tai Fook moved out of the shop in September 2016, no tenants have been rented for nearly two years. The monthly asking price has been lowered from $2.4 million. There were pharmacies and other merchants approached, but the owners did not want to lease. Non-chained brand tenants lost their results for a long time. Recently, Wanning has been optimistic about the future retail market and hopes to increase its presence on Canton Road.
Salsa rents 670 yuan in the same lot
At the same site, No. 5 to No. 6 of Hengli Mansion, No.68-80 Canton Road, with a floor area of approximately 1940 sq.ft. Last September, it was rented by the make-up brand Salsa (00178) for a monthly rental of RMB 1.30 million. The highest level in 2014 was 3.3 million yuan per month, which fell by 2 million yuan or 60.6%.
In fact, the personal care products chain stores have been actively expanding in the past year. Mannings already has a street shop on Haiphong Road in the same district. It originally rented a building area of 1,600 square feet for Baofeng Building No. 32-34, Haiphong Road, at a monthly cost of RMB 1 million. Shop B to Shop C in the ground floor last year rented A Shop A with a floor area of 1,000 square feet per month for a rent of RMB 550,000 per month. The shop area was expanded to 2,600 sq ft. The monthly rent was $1.55 million and the average rent was RMB 596.