International real estate firm Savills has been appointed as the sole agent for the tender sale of the whole block of East Town Building, 41 Lockhart Road, Wan Chai ("The Property"). Comprising a total gross floor area of approximately 144,395 square feet, the Property is offered for sale subject to existing tenancies. The tender closes at noon on 11 December 2026 (Friday).
The Property is strategically located in the heart of Wan Chai's commercial district, enjoying prominent triple-frontage exposure along Fenwick Street, Jaffe Road and Lockhart Road. Just a 3-minute walk from Wan Chai MTR Station, it offers convenient access to major universities, including The University of Hong Kong, City University of Hong Kong and Hong Kong Baptist University. Surrounded by a full range of commercial, retail and dining amenities, the Property is well suited for conversion into a student accommodation project. In collaboration with an experienced architectural firm, Savills Hong Kong has prepared a preliminary scheme* proposing approximately 341 rooms and 662 bed spaces, subject to the approval of the relevant authorities.
The 21-storey Property comprises retail premises on the lower and upper ground floors, office from the 1st to 20th floors, and a 2-level basement car park providing 48 parking spaces with direct vehicular access. Typical floor plates range from approximately 6,308 square feet to 9,627 square feet, with floor-to-floor heights of approximately 3.08m to 3.57m. Featuring efficient floor layouts and substantial floor areas, the Property offers exceptional flexibility for a wide range of redevelopment and alternative-use opportunities.
Mr. Raymond Lee, Chief Executive Officer, Greater China at Savills said, “Demand for student accommodation has continued to grow in recent years, supported by the Government’s drive to develop Hong Kong as an international education hub and the progressive increase in non-local student intake quotas. This presents strong long-term potential for the sector. Benefiting from a prime location, substantial floor area and efficient floor plates, the Property offers excellent conversion potential*. Against a backdrop of limited quality student housing supply and robust demand, the project has the potential to become one of Hong Kong Island's leading student accommodation developments.”
Mr. Godfrey Cheng, Senior Director, Head of Chief Investment Office at Savills Hong Kong said, “Properties in core Hong Kong Island business districts with single ownership and significant repositioning potential are rarely available in the market. In addition to student accommodation, the Property may also be considered for alternative uses, subject to the necessary approvals, including a hotel, serviced apartments or owner-occupation as a corporate headquarters. We expect strong interest from local and overseas investors, educational institutions and accommodation operators.”
*Relevant plans and indicative conversion cost estimates are available upon signing a non-disclosure agreement (NDA).