投投資資分分析析IINNVVEESSTTMMEENNTTAANNAALLYYSSIISS鱷魚恤大廈第一期及第二期香港中環干諾道中50及55號CROCODILEHOUSE1&2NOS.50&55ConnaughtRoad,Central,HongKong11、、物物業業資資料料PPrrooppeerrttyyppaarrttiiccuullaarrss22、、位位置置圖圖LLooccaattiioonnppllaann33、、租租約約詳詳情情TTeennaannccyySScchheedduullee44、、投投資資分分析析IInnvveessttmmeennttAAnnaallyyssiiss--以以現現狀狀計計算算ooffffiicceeAApppprrooaacchh--以以重重建建計計算算RReeddeevveellooppmmeennttAApppprrooaacchh((ii))以以現現狀狀重重建建mmeerrggeewwiitthh((iiii))以以合合併併隔隔鄰鄰大大廈廈重重建建mmeerrggeewwiitthhnneeiigghhbboouurrhhooooddbblloocckkss55、、平平面面圖圖FFlloooorrPPllaannss66、、城城市市規規則則TToowwnnZZoonniinnggppllaannnniinngg77、、地地盤盤圖圖SSiitteePPllaann88、、成成交交記記錄錄TTrraannssaaccttiioonnRReeccoorrdd--全全幢幢買買賣賣成成交交((WWhhoolleeBBlloocckkSSaalleess))--租租務務成成交交((RReennttaall))99、、政政府府地地契契GGoovveerrnnmmeennttLLeeaassee第一太平戴维斯獨獨家家代代理理SSOOLLEEAAGGEENNTT承業主命ByOrderoftheOwner中環罕有優質商業大廈私人招標出售PRIMECOMMERCIALBUILDINGSINCENTRALFORSALEBYPRIVATETENDER(截標前售出或收回除外Unlesspreviouslysoldorwithdrawn)Savills.com.hk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THEPROPERTYCrocodileHouse1and2,Nos.50&55ConnaughtRoadCentral,HongKong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。Thesubjectpropertyislocatedonthesouth-westernsideofconnaughtRoadCentralfacingtoFourSeasonHotelandInternationalFinanceCentrewithincoredistrictofCentral.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。CrocodileHouse1comprisesablockof23-storey(includingBasement)commercialbuildingwhichwascompletedin1981.B/F,G/F&1/Faredesignedforretailpurposeswhilsttheupperfloorsareforofficeuse.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。CrocodileHouse2comprisesablocklf19-storey(includingBasement)commercialbuildingwhichwascompletedin1966.B/Fto2/Faredesignedforretailpurposeswhilsttheupperfloorsareforofficeuse.總地盤面積:約7,815平方尺TOTALSITEAREAApprox.7,815sq.ft.面積分配:AREASCHEDULE承承業業主主命命BByyOOrrddeerroofftthheeOOwwnneerr中中環環罕罕有有優優質質商商業業大大廈廈私私人人招招標標出出售售PPRRIIMMEECCOOMMMMEERRCCIIAALLBBUUIILLDDIINNGGSSIINNCCEENNTTRRAALLFFOORRSSAALLEEBBYYPPRRIIVVAATTEETTEENNDDEERR(截標前售出或收回除外Unlesspreviouslysoldorwithdrawn)Savills.com.hk香港中環幹諾道中50號及55號鱷鱷魚魚恤恤大大廈廈第第一一期期及及第第二二期期CCrrooccooddiilleeHHoouussee11aanndd22,Nos.50&55ConnaughtRoadCentral,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。CrocodileHouse1CurrentlynetmonthlyrentalreceivableisHK$922,266.30.Occupancyrateisapprox.90.71%.Except2leases,alloftheleasewith6months’“SaleorRedevelopment”earlyterminationclause.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。CrocodileHouse2currentlynetmonthlyrentalreceivableisHK$860,690.90.Occupancyrateisapprox.93.23%.Alloftheleasewith6months’“SaleorRedevelopment”earlyterminationclause.交易狀況:以‘現狀’及連現有租約出售POSSESSIONTobesoldon‘asis’basisandwiththeexistingtenancies截標日期:2007年1月26日(星期五)下午3時TENDERCLOSINGAt3:00pm,26thJanuary2007(Friday)DATE~詳情請聯絡獨獨家家代代理理ForfurtherinformationpleasecontactSSOOLLEEAAGGEENNTT~投投資資部部IInnvveessttmmeennttDDeeppaarrttmmeenntt2288442244555555香香港港中中環環幹幹諾諾道道中中5500號號鱷鱷魚魚恤恤大大廈廈第第一一期期CCrrooccooddiilleeHHoouussee11,,NNoo..5500CCoonnnnaauugghhttRRooaaddCCeennttrraall,,HHoonnggKKoonngg投資分析InvestmentAnalysis以現狀計算OfficeApproach現時租金收入(截至2006年10月19日)CurrentRentalIncome(asof19/10/2006)已租出之面積:約58,842平方尺AreawithTenanciesApprox.58,842sq.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CurrentMonthlyRentalReceivingHK$922,266.30出租率:約90.71%(approx)OccupancyRate空間單位面積:約6,024平方尺AreaofVacantUnitApprox.6,024sq.ft■商铺:約2,157平方尺Retail:approx.2,157sq.ft.■写字楼:约3,867平方尺Office:approx.3,867sq.ft.估計月租收入:港幣$175,670元EstimatedMonthlyRentalReceivingHK$175,670.00■商鋪Retail:$35psf■寫字樓Office:$25psf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)EstimatedRentonFully-letbasisHK$1,097,936.30(HK$13,175,236.00p.a.)香香港港中中環環幹幹諾諾道道中中5500號號鱷鱷魚魚恤恤大大廈廈第第一一期期CCrrooccooddiilleeHHoouussee11,,NNoo..5500CCoonnnnaauugghhttRRooaaddCCeennttrraall,,HHoonnggKKoonngg估估計計月月租租收收入入((以以薪薪租租金金計計算算))PPrroojjeecctteeddRReennttaallIInnccoommeeoonnFFuullllRReevveerrssiioonn以市場租值計算Assumedrentalrenewalorre-enteredataopenmarketrentalof樓層Floor估計平均尺租(港幣)ProjectedUnitRent(HK$psf)Basement$25G/F$551/F$28Signage&Banner於$42,000/每月month2-22/F$24(@$23-$25)樓層Floor總月租(港幣)ProjectedUnitRent(HK$)商鋪部分RetailPortion(B/F-1/F&misc)$430,410寫字樓部份OfficePortion(2-22/F)$1,424,463總共Overall$1,851,873(全年$22,222,476p.a.)售售價價及及回回報報分分析析PPrriicceeBBrreeaakkddoowwnn&&YYiieellddAAnnaallyyssiiss售價(港幣)Price(HK$)平均尺租(港幣)UnitRent(HK$psf)現時回報*InitialYield估計回報(以新租金計算)ProjectedYield*OnFull-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%香香港港中中環環幹幹諾諾道道中中5500號號鱷鱷魚魚恤恤大大廈廈第第一一期期CCrrooccooddiilleeHHoouussee11,,NNoo..5500CCoonnnnaauugghhttRRooaaddCCeennttrraall,,HHoonnggKKoonngg現時租金收入(截至2006年10月19日)CurrentRentalIncome(asof19/10/2006)估计全部租出月租收入:港币$967,305.9元(全年:港币$11,607,671元)EstimatedRentonFully-letbasisHK$967,305.90(HK$11,607.671p.a.)空間單位面積:約4,442平方尺AreaofVacantUnitApprox.4,442sq.ft■寫字樓:約4,442平方尺Office:approx.4,442sq.ft.估計月租收入:港幣¥106,608元EstimatedMonthlyRentalReceivingHK$106,608.00■商鋪Retail:$55psf■寫字樓Office:$24psf已租出之面積:約