Nomura to lead redevelopment project in Akasaka 7 Chome

According to an investor relations report by Nomura Real Estate Holdings, the developer will be participating in the Akasaka 7 Chome 2 District Redevelopment in central Tokyo.

Nomura will receive approximately 200+ apartments as part of the deal. The project is still in the planning stages, but construction could start sometime in 2020 with completion sometime between 2023~2025. These dates have been pushed back from earlier estimates and it is possible they could be delayed further. News of the project first surfaced back in mid-2014 when landowners formed a redevelopment committee.

The redevelopment site is approximately 1.1 hectares in size and is a 6 minute walk from Aoyama Itchome Station. To the east is the 43-story, 518-unit Park Court Akasaka Tower, where the average apartment price is currently around 1.8 million Yen/sqm.

It is still unclear which buildings will form part of the redevelopment, but the site currently includes several older low-rise apartment buildings, offices and houses.

Some of the buildings within the project zone include:

  • Akasaka National Court (1977): The last reported sale in this building was back in 2012. Apartment re-sale prices were last seen to be around 600,000 Yen/sqm. There are no current listings.
  • Akasaka Sansei Mansion (1970): The last reported sale in this building was in 2013. Apartment re-sale prices were last seen to be around 550,000 Yen/sqm. There are no current listings.
  • Akasaka Chuo Mansion (1962): No reported past sales and no current listings.

 

*It is possible some buildings may not participate in the redevelopment.

Source: Nomura Real Estate Holdings Investor Relations Release, January 31, 2017.