第一太平戴维斯香港中环项目投资分析

1、PAGE 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第一太平戴维斯物業資料料Proppertty ppartticuularrs位置圖Locaatioon pplann租約詳情情Tenaancyy Sccheddulee投資分析析Inveestmmentt Annalyysiss-以現狀狀計算 offficee Appprooachh-以重建建計算RRedeevellopmmentt Appprooachh以現狀重重

2、建 mmergge wwithh以合併隔隔鄰大廈廈重建 merrge witthneigghboourhhoodd bllockks平面圖Flooor PPlanns城市規則則Townn Zooninng pplannninng地盤圖Sitee Pllan成交記錄錄Trannsacctioon RRecoord-全幢買買賣成交交（Whholee Bllockk Saaless）-租務成成交（RRenttal）政府地契契Goveernmmentt Leeasee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

3、 IN CENTRAL FOR SALE BY PRIVATE TENDER (截標前售出或收回除外Unless previously sold or withdrawn) S.hk 獨家代理理SOLLE AAGENNT物業 ： 香港中環幹諾道中50號及55號鱷魚廈第一期及第二期THE PROPERTY Crocodile House 1and 2,Nos .50&55 Connaught Road Central,Hong Kong 物業位置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 so

4、uth-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 comp

5、leted 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 designe

6、d 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COMMERCIAL BUILDINGS IN CENTRAL FOR SALE BY PRIVATE TENDER (截標前售出或收回除外Unless previously sold or withdrawn) S.hk 香港中環幹

7、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 le

8、ase 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 term

9、ination 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香港中環環幹諾道道中500號鱷魚魚恤大廈廈第一期期Cr

10、occodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall,Hoong Konng投資分析析Inveestmmentt Annalyysiss以現狀計計算Offiice Appproaach現時租金金收入（截至220066年10月19日）Currrentt Reentaal IIncoome (ass off 199/100/20006)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

11、,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

12、 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.)香港中環環幹諾道道中500號鱷魚魚恤大廈廈第一期期Croccodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall, HHongg Koong估計月租租收入（以薪租租金計算算）Pro

13、jjectted Renntall Inncomme oon FFulll Reeverrsioon以市場租租值計算算Assuumedd reentaal rreneewall orr ree-ennterred at a oopenn maarkeet rrenttal of樓層Flooor估計平均均尺租（港幣）Projjectted Uniit RRentt(HKK$pssf)Baseemennt$25G/F$551/F$28Signnagee & Bannnerr於$42,0000/每月月monnth2-222/F$24($223-$25)樓層Flooor總月租（港幣）Projjectt

14、ed Uniit RRentt(HKK$)商鋪部分分Rettaill Poortiion(B/FF-1/F&mmiscc)$4300,4110寫字樓部部份Offficce PPorttionn(2-22/F)$1,4424,4633總共Ovveraall$1,8851,8733(全年$22,2222,4776p.a.)售價及回回報分析析Pricce BBreaakdoown & YYielld AAnallysiis售價（港港幣）Pricce(HHK$)平均尺租租（港幣幣）Unitt Reent(HK$psff)現時回報報*Inittiall Yiieldd估計回報報（以新租租金計算算）Pro

15、jjectted Yieeld* Onn Fuull-Revvisiion550,0000,00008,47792.400%4.044%560,0000,00008,63332.355%3.977%570,0000,00008,78872.311%3.900%580,0000,00008,94422.277%3.833%香港中環環幹諾道道中500號鱷魚魚恤大廈廈第一期期Croccodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall,Hoong Konng現時租金金收入（截至220066年10月19日）Currrentt Reentaal I

16、Incoome (ass off 199/100/20006)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Cur

17、rent 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香港中環環幹諾道道中500號鱷魚魚恤大廈廈第一期期C

18、roccodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall, HHongg Koong估計月租租收入（以薪租租金計算算）Projjectted Renntall Inncomme oon FFulll Reeverrsioon*以市場場租值計計算Assuumedd reentaal rreneewall orr ree-ennterred at a oopenn maarkeet rrenttal of樓層Flooor估計平均均尺租（港幣）Projjectted Uniit RRentt(HKK$pssf)Baseemennt$12G/F

19、$551/F$283-177/F$24($223-$25)樓層Flooor總月租（港幣）Totaal MMontthlyy Reent(HK$)商鋪部份份Rettaill Poortiion(B/FF-2/F)$3766,1773寫字樓部部份Offficce PPorttionn(3-17/F)$1,2287,9700總共Ovveraall$1,6664,1433(全年$19,9699,7116p.a.)售價及回回報分析析Pricce BBreaakdoown & YYielld AAnallysiis售價（港港幣）Pricce(HHK$)平均尺租租（港幣幣）Unitt Reent(HK$ps

20、ff)現時回報報*Inittiall Yiieldd估計回報報（以新租租金計算算）Projjectted Yieeld* Onn Fuull-Revvisiion490,0000,00007,47702.377%4.088%500,0000,00007,62222.322%4.000%510,0000,00007,77752.288%3.922%520,0000,00007,92272.233%3.844%香港中環環干諾道中中50號鱷鱷魚恤大大廈第一一期Croccodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall, HHongg Koon

21、g總結Execcutiive Summmarry總面積：約1330,4464平平方尺Totaal AAreaa AApprrox.1300,4664sqq.ftt.總售價及及回報分分析Pricce BBreaakdoown & YYielld AAnallysiis售價（港港幣）Pricce(HHK$)平均尺租租（港幣幣）Unitt Reent(HK$psff)現時回報報*Inittiall Yiieldd估計回報報（以新租租金計算算）Projjectted Yieeld* Onn Fuull-Revvisiion1,0440,0000,00007,97712.388%4.066%1,0660,0000,00008,12252.344%3.988%1,0880,0000,00008,27782.299%3.900%1,1000,0000,00008,43312.255%3.833%*on fullly-lett baasiss香港中環環幹諾道道中500號鱷魚魚恤大廈廈第一期期Croccodiile Houuse 1,NNo.550 CConnnaugght Roaad CCenttrall, HHongg Koong以重建计计算R