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Central retail shop sold to Triumph heir in unusual Hong Kong deal
The ground-floor shop at Arbuthnot House, measuring about 1,474 square feet, sold for HK$21.4 million in late September.
A long-held retail shop in Hong Kong’s Central district has been sold in what the South China Morning Post characterizes as an unusually structured transaction, citing Land Registry data. The property, located at Arbuthnot House, 10-12 Arbuthnot Road, Central, was held by a local developer for more than 50 years before the sale.
According to the Land Registry figures, the deal involved a ground-floor unit with a gross area of about 1,474 square feet. The shop traded for HK$21.4 million, equivalent to HK$14,518 per square foot, late last month.
The SCMP reports the buyer is an heir of Swiss underwear maker Triumph, and notes that the use of international capital to acquire Hong Kong retail assets is uncommon. The publication also says Triumph International did not immediately respond to a request for comment.
The outlet further reports the shop is currently leased to the private members’ club Salon No. 10. Analysts cited by SCMP called the transaction highly unusual, reflecting the rarity of this type of cross-border buyer profile in the local retail market.