This news report in 1954 says that the Shui Hing department store located at 92-97 connaught rd central and 185-195 des voeux central was going to be demolished. That means the site is the one occupied by the current Li Po Chun Chambers. As the picture shows it is along the tram route, it has to be on the des voeux central side.
Another picture:
Date picture taken
1937