McDonald’s sells another shop in Hong Kong
The fast-food giant sold it for $11.95m.
McDonald’s sold another Hong Kong retail property following the sale of eight properties in its portfolio last year.
The fast-food giant sold its Mei Foo Sun Cheun Ground Floor Shop, which it owned since 1988, for $11.95m (HK$93.5m).
The properties are sized between approximately 6,800 and 19,000 sq ft. The largest one is the shop on the ground floor and basement of Star House at No. 3 Salisbury Road in Tsim Sha Tsui.
The gross floor area is approximately 6,915 sq. ft., achieving an average price per sq. ft. of about $1725.99 (HK$13,500).
McDonald's acquired the property for $3.50m (HK$27.35m) in 1988, realising a substantial book profit of approximately $8.46m (HK$66.148m) over its 38-year hold, representing a property value appreciation of 2.4 times.
McDonald’s will continue to lease the property following the sale for a monthly rent of $55,487.33 (HK$434,000).
In July last year, McDonald’s sold eight retail spaces it owns in Hong Kong for a total of $153m
The portfolio comprises McDonald's restaurants located in high-footfall districts, including Tsim Sha Tsui, Causeway Bay, Mong Kok, Kennedy Town, Tai Kok Tsui, Yuen Long, Tsuen Wan, and Tsz Wan Shan.
