第一太平戴维斯香港中环项目投资分析.docx

投資分析INVESTMENT ANALYSIS鱷魚恤大廈第一期及第二期香港中環干諾道中50及55號CROCODILE HOUSE 1&2NOS.50&55Connaught Road , Central,Hong Kong第一太平戴维斯1、 物業資料Property particulars2、 位置圖Location plan3、 租約詳情Tenancy Schedule4、 投資分析Investment Analysis-以現狀計算 office Approach-以重建計算Redevelopment Approach(i) 以現狀重建 merge with(ii) 以合併隔鄰大廈重建 merge withneighbourhood blocks5、 平面圖Floor Plans6、 城市規則Town Zoning planning7、 地盤圖Site Plan8、 成交記錄Transaction Record-全幢買賣成交（Whole Block Sales）-租務成交（Rental）9、 政府地契Government Lease承業主命 By Order of the Owner中環罕有優質商業大廈私人招標出售PRIME COMMERCIAL BUILDINGS IN CENTRAL FOR SALE BY PRIVATE TENDER (截標前售出或收回除外Unless previously sold or withdrawn) S.hk 獨家代理SOLE AGENT物業 ： 香港中環幹諾道中50號及55號鱷魚廈第一期及第二期THE PROPERTY Crocodile House 1and 2,Nos .50&55 Connaught Road Central,Hong Kong 物業位置 ：位於中環干諾道中核心地段，鄰近國際金融中心，面對六星級之四季酒店。The subject property is located on the south-western side of connaught Road Central facing to Four Season Hotel and International Finance Centre within core district of Central.物業發展 ：鱷魚恤大廈第一期現爲一幢23層高之商業大廈（另加一層地庫），建於1981年，地庫至1樓爲商鋪用途，樓上寫字樓。Crocodile House 1 comprises a block of 23-storey (including Basement)commercial building which was completed in 1981.B/F , G/F &1/F are designed for retail purposes whilst the upper floors are for office use.鱷魚恤大廈第二期現爲一幢19層高這商業大廈（另加一層地庫），建於1966年，地庫及2樓爲商鋪用途，樓上寫字樓。Crocodile House 2 comprises a block lf 19-storey (including Basement )commercial building which was completed in 1966.B/F to 2/F are designed for retail purposes whilst the upper floors are for office use.總地盤面積 ：約7，815平方尺TOTAL SITE AREA Approx .7,815sq.ft.面積分配 ：AREA SCHEDULE承業主命 By Order of the Owner中環罕有優質商業大廈私人招標出售PRIME COMMERCIAL BUILDINGS IN CENTRAL FOR SALE BY PRIVATE TENDER (截標前售出或收回除外Unless previously sold or withdrawn) S.hk 香港中環幹諾道中50號及55號鱷魚恤大廈第一期及第二期Crocodile House 1 and 2,Nos.50&55 Connaught Road Central ,HongKong租金收入 ：鱷魚恤大廈第一期：每月淨租金約港幣$922,266.3元,出租率約90.71%,除兩份租約外,每份租約均附有6個月之出售或重建提早終止條款。Crocodile House 1 Currently net monthly rental receivable is HK$922,266.30.Occupancy rate is approx.90.71%.Except 2 leases,all of the lease with 6months “Sale or Redevelopment” early termination clause.鱷魚恤大廈第二期：每月淨租金約港幣$860,697.9元，出租率約93.23%，所有租約均附有6個月之出售或重建提早終止條款。Crocodile House 2 currently net monthly rental receivable is HK$860,690.90.Occupancy rate is approx.93.23%.All of the lease with 6months “Sale or Redevelopment” early termination clause.交易狀況 ：以現狀及連現有租約出售POSSESSION To be sold on as is basis and with the existing tenancies截標日期 ：2007年1月26日（星期五）下午3時TENDER CLOSING At 3:00pm, 26th January 2007(Friday)DATE 詳情請聯絡獨家代理For further information please contact SOLE AGENT投資部 Investment Department 2842 4555香港中環幹諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central,Hong Kong投資分析Investment Analysis 以現狀計算Office Approach現時租金收入（截至2006年10月19日）Current Rental Income (as of 19/10/2006)已租出之面積 ：約58,842平方尺Area with Tenancies Approx.58,842 sq.ft 商鋪：約8,016平方尺Retail:approx.8,016sq.ft. 寫字樓：約50,826平方尺Office:approx.50,826平方尺現時月租收入 ：港幣￥922,266.3元Current Monthly Rental Receiving HK$922,266.30出租率 ：約90.71%（approx）Occupancy Rate空間單位面積 ：約6,024平方尺Area of Vacant Unit Approx.6,024sq.ft 商铺：約2,157平方尺Retail:approx.2,157 sq.ft. 写字楼：约3,867平方尺Office:approx.3,867 sq.ft.估計月租收入 ：港幣$175,670元Estimated Monthly Rental Receiving HK$175,670.00 商鋪Retail:$35 psf 寫字樓Office:$25 psf估计全部租出月租收入 ：港币$1,097,936.3元（全年:港币$13,175,236元）Estimated Rent on Fully-let basis HK$1,097,936.30(HK$13,175,236.00p.a.)香港中環幹諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central, Hong Kong估計月租收入（以薪租金計算）Projected Rental Income on Full Reversion以市場租值計算Assumed rental renewal or re-entered at a open market rental of樓層Floor估計平均尺租（港幣）Projected Unit Rent(HK$psf)Basement$25G/F$551/F$28Signage & Banner於$42,000/每月month2-22/F$24($23-$25)樓層Floor總月租（港幣）Projected Unit Rent(HK$)商鋪部分Retail Portion(B/F-1/F&misc)$430,410寫字樓部份Office Portion(2-22/F)$1,424,463總共Overall$1,851,873(全年$22,222,476p.a.)售價及回報分析Price Breakdown & Yield Analysis售價（港幣）Price(HK$)平均尺租（港幣）Unit Rent(HK$psf)現時回報*Initial Yield估計回報（以新租金計算）Projected Yield* On Full-Revision550,000,0008,4792.40%4.04%560,000,0008,6332.35%3.97%570,000,0008,7872.31%3.90%580,000,0008,9422.27%3.83%香港中環幹諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central,Hong Kong現時租金收入（截至2006年10月19日）Current Rental Income (as of 19/10/2006)估计全部租出月租收入 ：港币$967,305.9元（全年：港币$11,607,671元）Estimated Rent on Fully-let basis HK$967,305.90(HK$11,607.671p.a.)已租出之面積 ：約61,776平方尺Area with Tenancies Approx.61,776 sq.ft 商鋪：約11,786平方尺Retail:approx.11,786sq.ft. 寫字樓：約79,370平方尺Office:approx.79,370平方尺現時月租收入 ：港幣￥860,697.9元Current Monthly Rental Receiving HK$860,697.90出租率 ：約93.23%（approx）Occupancy Rate空間單位面積 ：約4,442平方尺Area of Vacant Unit Approx.4,442 sq.ft 寫字樓：約4,442平方尺Office:approx.4,442 sq.ft.估計月租收入 ：港幣￥106,608元Estimated Monthly Rental Receiving HK$106,608.00 商鋪Retail:$55 psf 寫字樓Office:$24 psf香港中環幹諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central, Hong Kong估計月租收入（以薪租金計算）Projected Rental Income on Full Reversion*以市場租值計算Assumed rental renewal or re-entered at a open market rental of樓層Floor估計平均尺租（港幣）Projected Unit Rent(HK$psf)Basement$12G/F$551/F$283-17/F$24($23-$25)樓層Floor總月租（港幣）Total Monthly Rent(HK$)商鋪部份Retail Portion(B/F-2/F)$376,173寫字樓部份Office Portion(3-17/F)$1,287,970總共Overall$1,664,143(全年$19,969,716p.a.)售價及回報分析Price Breakdown & Yield Analysis售價（港幣）Price(HK$)平均尺租（港幣）Unit Rent(HK$psf)現時回報*Initial Yield估計回報（以新租金計算）Projected Yield* On Full-Revision490,000,0007,4702.37%4.08%500,000,0007,6222.32%4.00%510,000,0007,7752.28%3.92%520,000,0007,9272.23%3.84%香港中環干諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central, Hong Kong總結Executive Summary總面積：約130,464平方尺Total Area Approx.130,464sq.ft.總售價及回報分析Price Breakdown & Yield Analysis售價（港幣）Price(HK$)平均尺租（港幣）Unit Rent(HK$psf)現時回報*Initial Yield估計回報（以新租金計算）Projected Yield* On Full-Revision1,040,000,0007,9712.38%4.06%1,060,000,0008,1252.34%3.98%1,080,000,0008,2782.29%3.90%1,100,000,0008,4312.25%3.83%*on fully-let basis香港中環幹諾道中50號鱷魚恤大廈第一期Crocodile House 1,No.50 Connaught Road Central, Hong Kong以重建计算Redevelopment Approach地盘面积：约7,815平方尺Site Area Approx.7,815 sq.ft.鳄鱼恤大厦第一期：约4,327平方尺Crocodile House 1:approx.4,327 sq.ft.鳄鱼恤大厦第二期：约3,488平方尺Crocodile House 2:approx.3,488sq.ft.地段编号及年期：地段编号Lot No.地段年期Gouernment Lease Terrm鳄鱼恤大厦第一期Crocodile House 1Marine Lot No.384999 Years commencingfrom 7/12/1903Marine Lot No.385999 Years commencingfrom 20/11/1903Marine Lot No.386999 Years commencingfrom 20/11/1903鳄鱼恤大厦第二期Crocodile House 2Marine Lot No.387999 Years commencingfrom 7/12/1903Marine Lot No.388999 Years commencingfrom 7/12/1903Marine Lot No.389R.p.999 Years commencingfrom 7/12/1903Lot No.& Lease Term