Foretseine, a subsidiary of Mori Trust, will be demolishing the vintage Yoyogi Terrace Apartment rental building in Shibuya and replacing it with a luxury condominium.
Details on the project, including the construction schedule, have yet to be announced, but it is expected that the new building could be completed by 2020.
Although pricing is a long way from being announced, apartments in a new high-rise condominium under construction 300 meters north of this site were priced between 1.2 ~ 2.5 million Yen/sqm when they went on sale earlier this year. The building is 18 months from completion and is already 70% sold out.
Yoyogi Terrace Apartment was built in 1980 on the 5,750 sqm site of a former traditional Japanese-style restaurant. Many of the original features of the original garden and restaurant entrance gate have been preserved. Apartments were considerably spacious in size, and appealed to both expats and Japanese. The property is located in a quiet neighbourhood just 550 meters west of Yoyogi Park and a 5 minute walk from Yoyogi-Koen Station.
Apartments ranged in size from 56 ~ 266 sqm and rents ranged from 280,000 ~ 1,160,000 Yen per month.
Demolition of the building is expected to be completed by the end of January 2018.
Source: The Kentsu Shimbun, June 12, 2017.