The world's most expensive street

LUKE MALPASS
Last updated 15:15 29/05/2014
Hong Kong

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

Related Links

Open homes: Most expensive Versace mansion sells for $50 million

Relevant offers

Home & Property

Grand Designs NZ: Ambitious concrete house brings unseen challenges The ultimate in upcycling: Shipping containers become floating homes Garden of the week: A Marlborough garden that delivers the good life Syrian refugee signs on to help feed those in need in Lower Hutt Spend the night in Prague's Dancing House From rubbish to a home: Plastic could be used for temporary housing Hard work leads to free land for lucky Waikato couple Black and white combo provides plenty of visual drama Five Auckland houses with the best backyards for sale Meet the 2016 GARDENA Gardener of the Year finalists

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.

Ad Feedback

- Sydney Morning Herald

Comments

Recipe search

Special offers
Opinion poll

What do you most want to change about your home?

The kitchen/living/dining

The interior paint colour

Insulation/energy efficiency

The exterior/garden

Vote Result

Featured Promotions

Sponsored Content