Veeko International has sealed a deal to buy a retail property in the New Territories, with an eye to converting it into one of its own stores.
Veeko – which owns its namesake fashion brand along with Wanko, and the Colourmix and Morimor cosmetics-store chains – has paid HK$117.5 million to acquire the ground floor of 88 San Hong Street North in the New Territories. The 833sqft space is currently occupied by Yue Fung Dispensary Co, paying $248,000 a month until its lease expires on December 31, 2020.
The company says that while the retail space is currently tenanted, “upon the expiry of the existing tenancy agreement, the group shall evaluate the benefit of continuing leasing of the property against the benefit of using the property as the group’s store”.
Savills has independently valued the space at $120 million.
The transaction is scheduled to be completed by June 18.