The Chief Executive in Council today approved a land exchange with the owner of 23 Coombe Road to preserve a historic building on the site for revitalisation.
The building, built in 1887, is one of the oldest surviving European houses on the Peak and was given Grade 1 status by the Antiquities Advisory Board in 2011.
The owner will surrender the building and the entire site to the Government for preservation and revitalisation in exchange for a nearby lot of the same size granted for private residential development.
The new lot is 1,100 sq m.
Under the arrangement, the owner will pay full market value premium for the land exchange and must surrender the building at 23 Coombe Road in a condition satisfactory to the Antiquities & Monuments Office.
The historic building was built before the Peak Tramway opened.