HK 12 sqm shop sells for $28m

May 30, 2014

A shop unit measuring just 12 sqm in Hong Kong’s Russell Street has been sold for $28.86 million – equivalent to a staggering $2.4 million per sqm – ranking it as the most expensive store anywhere in the world.

The tenant in the record-breaking unit is a small electronic goods retailer.

Sebastian Skiff, CBRE's Asia Executive Director, told Bloomberg: “I think it’s the most expensive store, per square foot, in the world today.”

According to recent research from CBRE, Hong Kong is already the most expensive city in the world to rent a shop – outranking both New York and London.

Russell Street in Causeway Bay was also highlighted as the most expensive street in the world for retail property. It is widely regarded as the busiest shopping street in Hong Kong.

Picture Caption: Russell Street in Hong Kong.