The former Homat Woodville apartment building, now called Woodville Azabu, in Nishiazabu has been converted into a condominium with apartments to be sold off individually as tenants move out.
Sales started in February 2017 with three apartments offered for sale. All three were immediately sold, including a 185 sqm (1,991 sq ft) apartment priced at 298,000,000 Yen (approx. 2.64 million USD).
The 29-year old, 7-storey building contains just 28 apartments ranging from two to five bedrooms. Apartment sizes range from 160 ~ 290 sqm (1,722 ~ 3,120 sq ft). It sits on a large 3,000 sqm block of land and is a 10 ~ 15 minute walk from Omotesando, Roppongi and Hiroo.
NTT Urban Development acquired the former rental-only building and land in 2015 for 4.86 billion Yen. It was previously held by Premier Investment Corporation who had paid 5.09 billion Yen for the property in 2003.
The building has a total floor area of 8,270 sqm and a net internal area of 5,790 sqm. At the time of acquisition it had 26 tenants and was producing a total monthly rent of 20 million Yen. Over the five years from 2011 to 2015, average occupancy rates ranged from 89 ~ 100%.
Woodville Azabu is located across the street from Azabu Kasumicho Park Mansion (2000) where apartments may be priced over 2,300,000 ~ 2,500,000 Yen/sqm.
Despite there being a number of Homat buildings across central Tokyo, apartments are tightly held by owners and do not often appear on the market for sale. The rest are rental-only. There is a bit of a following for these vintage apartments, so those that do appear for sale are often bought up by buyers looking for spacious residences. There are currently just three other Homat apartments for sale across central Tokyo, ranging in price from 169 ~ 198 million Yen, and from 935,000 ~ 1,750,000 Yen/sqm. Two of the three are rented to tenants and suited for investors only.
The Nishiazabu 3 and 4 Chome neighborhood, which is located on the southern side of Roppongi-dori Street, is the desirable part of the Nishiazabu address. Unlike Nishiazabu 1 and 2 Chome, which is more densely packed and with narrow streets, bars and restaurants, the 3 and 4 Chome addresses include larger homes, wider streets, and several Embassies. During the Edo period the area was a mix of farmland, merchant houses (particularly Nishiazabu 2 Chome), as well as Daimyo residences (mostly located in Nishiazabu 3 and 4 Chome). From the late 1800s to early 1900s, it was developed into a residential neighbourhood.
Source: The Nikkei Shimbun, March 16, 2017.