第一太平戴维斯香港中环项目投资分析.docx

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1、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 me

2、rge 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 p

3、reviously sold or withdrawn) S.hk 獨家代理SOLE AGENT物業 ： 香港中環幹諾道中50號及55號鱷魚廈第一期及第二期THE PROPERTY Crocodile House 1and 2,Nos .50&55 Connaught Road Central,Hong Kong 物業位置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 Seas

4、on 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

5、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 u

6、se.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COMMERCIAL BUILDINGS IN CENTRAL FOR SALE BY PRIVATE TENDER (截標前售出或收回除外Unless previously sold or withdrawn) S.hk 香港中環幹諾道中50號及55號鱷魚恤大廈第一期及第二期Crocodile House 1 and 2,Nos.50&55 Connau

7、ght 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 cla

8、use.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

9、 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Investmen

10、t 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

11、.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$13,17

12、5,236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）Proj

13、ected 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(

14、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

15、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Cu

16、rrent 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Crocod

17、ile 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

18、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

19、.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

20、（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 A

21、pprox.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