High-end US restaurant Lawry’s The Prime Rib, will pay 80 per cent less rent for its new location than the previous tenant who vacated the premises three years ago.
The leased 6500sqft venue is located on the third floor of The Galleria in Central on the corner of Queen’s Road and Ice House Street, with a HK$150,000 (US$19,155) per month rental, or HK$23/sqft.
News of the rent deal was broken by a local Chinese-language news media outlet and has not been verified. However it appears to suggest the reduction reflects an overpricing of the previous tenant’s deal rather than a true reflection of the decline in retail rents in premium Hong Kong retail strips, especially given the site has been empty for three years.
The restaurant Lawry’s is considered a heritage dining brand with premium locations in several US cities, as well as a presence via franchisees in Singapore, South Korea, Taiwan and Japan. A point of difference is that food is taken to diners’ tables on silver carts as part of a theatre experience.
