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Tiny Hong Kong shop sells for $23M

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(Credit: Reuters) Shoppers walk at the shopping Tsim Sha Tsui district in Hong Kong.Hong Kong shopping district
March 15
8:37 AM 2014

A store in Hong Kong spanning a mere 12 square meters has been sold for over $23 million ($A25.56 million). The property is located at the center of Causeway Bay, a prime shopping area near big shopping malls and luxury stores, according to SBS.

According to South China Morning Post (SCMP), the shop sells audiovisual products and pays a monthly rent of HK$180,000. The identity of the buyer, however, remains unknown, the report said.

An unnamed property agent explained the reason for the overpriced sale: "It's close to Times Square. But it's different from Russell Street, which is also near Times Square but is busy with pedestrians. The shop is also too small, which limits the choice of tenants and limits rental growth. The price of the shop is less than HK$200 million but there aren't too many shop owners on Russell Street or Matheson Street willing to sell. So you have to pay a premium for shops near Times Square."

Hong Kong has now been named as the world's most expensive place for retailers. The title was given by real estate firm CBRE, SBS reported.

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