Roppongi land sells for 15 billion Yen (135 million USD)

A 2,200 sqm development site in Roppongi was sold by the local finance bureau at a public tender sale in February. The land sold to Mori Building for a reported 15.01 billion Yen (approx. 135.6 million USD). A total of 10 buyers submitted bids on the property.

This sale price works out to approximately 6,823,000 Yen/sqm, or 5,730 USD/sq ft. The potential price per buildable square meter is around 1,365,000 ~ 1,705,000 Yen/sqm, or approximately 1,145 ~ 1,430 USD/sq ft.

The property includes the 33-year old Roppongi Jutaku housing complex, which is expected to be demolished.

Earlier this year Mori announced details on their planned redevelopment of the adjoining Toranomon-Azabudai District which covers a 8.1 hectare site and is due to completion in 2022. It is possible that this recently purchased property may be added to the development.

Location

1-8-1 Roppongi, Minato-ku, Tokyo

Sources:
The Kentsu Shinbun, February 22, 2017.
The Toyo Keizai Shimbun, April 11, 2017.