Decrepit low-rise buildings bordering Central are a boon for savvy investors who spot an opportunity where others see the wrecking ball.
Kennedy Town, Sai Ying Pun and Sheung Wan are home to a blend of former shop houses, crumbling low-rise residential buildings, a smattering of high rises and small Western and local businesses.
With an MTR station extension on the way, developers have bought property to build more modern structures for offices and residents. But, at the same time, those with an eye for preservation of the original structures are buying in, creating homes or businesses with unique charm that blend with the original, neighbourly character of the area.
As such, New York-style lofts and multi-storey family apartments have popped up, alongside Western-style cafes and food stores, tapping a more affluent market.
For residents, the many quiet lanes and shady cul-de-sacs are appealing to those seeking solace while still being close to Central, and many are prepared to spend top dollar to rent or buy a renovated space.
A renovated former shop house in Sai Ying Pun is now home to logistics manager Brooke Babington, her husband and young daughter, and has been what she describes as a 'fantastic investment'.
