C&W Helped a Developer to Acquire an Industrial Building in Kowloon East for Redevelopment
Billion Development wanted to acquire sizeable redevelopment sites in convenient location to redevelop into either office building (with payment of land premium) or industrial building. The challenge to Cushman & Wakefield was to source out suitable buildings or sites with large enough site areas yet convenient location, provided that most owners were reluctant to sell or looking for prices much higher than market prices.
Step 1: Identify potential stocks for Billion Development and discuss with them the redevelopment potential of each stock.
Step 2: Carry out thorough analysis and due diligence check including land, building, technical, financial and legal matters, plus market information and comparables to facilitate the negotiation process.
Step 3: Explain to key decision makers of both parties the situation and conclude the deal at a price comfortable to both of them.
Cushman & Wakefield successfully helped Billion Development to acquire Unimax Industrial Centre, an industrial building with total gross floor area of over 380,000 sq. ft. The transaction price is HKD 601 million. The purchaser was satisfied with the potential of the property and the price negotiation through C&W, and the vendor was satisfied with the transaction price and the service from C&W.