The world's most expensive street

03:15, May 29 2014
Hong Kong
STILL ON TOP: Russell Street in Hong Kong first topped the ranks in 2012, taking over from New York's Fifth Avenue.

Hong Kong can lay claim to the world's most expensive store, after a 12 square metre shop unit in the city's exclusive Russell Street sold for a staggering $US23 million ($NZ27.1 million), or just over $2 million per square metre.

Sebastian Skiff, property consultancy CBRE's Asia executive director, believes that the sale has set a new record, outstripping New York's Fifth Avenue. "I think it's the most expensive store, per square foot, the world today," Mr Skiff said

The current tenant sells small electronic goods.

In an interview with Bloomberg, Mr Skiff said that the store is currently on the market for rent at $HK400,000 ($NZ61,000) per month. It's contributed to establishing Russell Street in Hong Kong's Causeway Bay as the world's most expensive street.

Russell Street first topped the ranks in 2012, taking over from New York's Fifth Avenue, and continues to stay at the top, with high end retailers superseding traditional mainstream chain stores.

"As a brand, its a great place to be," said Mr Skiff.

Overall, Hong Kong is considered the most expensive city in the world to rent a shop. In its first quarter report into retail rentals, CBRE Global Research and Consulting put the average annual retail rent in Hong Kong at 33,838 euro per square metre, or $NZ54,365.

This compares to 27,336 euro in New York, and 10,663 euro in London.

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