*UPDATE: Both apartments were sold within 3 weeks*
Two apartments are currently for sale in Toranomon Hills Residence. The 247-meter tall landmark tower was developed by Mori Building in 2014 and includes office space on the lower floors, luxury condominium and rental apartments on floors 36-46, the AO Spa & Club on the 37th floor and the 5-star Andaz Hotel on floors 47-52.
Residents can enjoy five-star amenities not found in other apartment buildings in Japan, including bilingual concierge, room service, housekeeping, dry cleaning, catering in conjunction with the Andaz Hotel, event spaces, residential lounges, and the AO Spa and Club with pool and gym. There are also a variety of on-site dining options in the Toranomon Hills complex, such as a rooftop bar on the 52nd floor, and several restaurants and cafes on the ground floors.
1-Bedroom + 1 Bathroom, 70.35 sqm Toranomon, Minato-ku, Tokyo
Toranomon Hills is a 247m tall, 52-storey tower containing office space on floor 6 ~ 35, condominium and rental apartments on floors 37 ~ 46 and the 5-star Andaz Hotel on floors 47 ~ 52. It is the second tallest mixed-use building in Tokyo, coming in at just 1 meter shorter than Tokyo Midtown. It was developed by Mori Building and completed in May 2014.
Of the 172 apartments on the residential floors, only 70 were made available for sale with the remainder being kept by Mori as rental apartments. The 70 apartments were never publicly advertised for sale, and were instead offered by invitation to selected existing clients of Mori Building. All apartments had sold out by the building’s completion.
This is a 1-Bedroom apartment on the 38th floor. It is west facing and includes floor heating in the living/dining, a kitchen with gas cooktop, dishwasher and convection oven, and built-in ceiling-mounted air-conditioning/heating in the living/dining, kitchen and bedroom.
The estimated rent for this apartment is approximately 600,000 ~ 700,000 Yen/month, which could result in a potential gross yield of around 2.8 ~ 3.2%. (Note: Estimated rent and gross yield is provided as a general guide only and is not a guarantee of actual achievable rent or yield now or in the future).
Last month Mori Building announced details on three new high-rise towers planned for the Toranomon District. These three towers will surround Mori’s Toranomon Hills complex on the north, south and western sides.
The total project cost is estimated at around 400 billion Yen (approx. 3.6 billion USD), and completion is expected between 2019 ~ 2022.
On December 12, the Tokyo Metropolitan Government’s Bureau of Urban Development announced details for the Toranomon Station South District Plan. There are plans for this project to be certified under the National Strategic Special Zone, which could provide an allowance to increase the floor space for the site.
District A (Toranomon 1-17~20), which is a 1.5 hectare site directly across the street on the northern side of Toranomon Hills, currently contains several smaller buildings including the Toranomon 10 Mori Building (1966) and the Nishimatsu Building (1962). Current plans are for a 36-storey, 185m tall office building with a total floor area of 175,000 sqm. Development approval is expected to be announced in June 2015. If approved, construction will start in February 2017 with completion expected by December 2019.
On October 14, Tokyo Metro and the Urban Renaissance Agency officially announced plans for a new subway stop along the Hibiya Line between Kasumigaseki and Kamiyacho Stations. The station will be located in the Toranomon district and will be just to the west of the recently completed Toranomon Hills.
Construction is scheduled to begin in 2015 with the new station expected to be open by the 2020 Tokyo Olympics, and an underground passageway to neighbouring buildings, including Toranomon Hills, ready by 2022.
The Toranomon area has been undergoing major redevelopment with new hotels, offices and residences. There are plans for a bus terminal to be located nearby the new station which could possibly serve as a transport link between the Olympic facilities in the bayside islands and central Tokyo.
This will be the newest station to be added to an existing subway line by Tokyo Metro since Tameike-Sanno Station was opened in 1997.
NHK, October 14, 2014.
The Yomiuri Shimbun, October 15, 2014.
Mori Building’s latest high-rise – Toranomon Hills – is officially open today. At 247m tall, the 52-storey building is Tokyo’s second highest mixed-use building after Tokyo Midtown. An opening ceremony was yesterday, with Prime Minister Shinzo Abe giving a speech.
The building contains office space on floor 6 to 35, apartments on floors 37 to 46 and the Andaz Hotel on floors 47 to 52. Of the 172 apartments, 70 were offered for sale (most have already sold) with the remaining apartments offered for rent.
Monthly rents range from 550,000 Yen (5,400 USD) for a 1-bedroom up to 2.92 million Yen (28,500 USD).
Average price: 3 ~ 4 million Yen/sqm Size range: 44.80 ~ 239.83 sqm (482 ~ 2581 sqft)
Area: Toranomon, Minato-ku, Tokyo
Toranomon Hills is the latest luxury development from Mori Building.
Located in a prime business district between Shinbashi and Roppongi, the 52-storey tower is already a local landmark and is spurring on additional redevelopment in the nearby area.
At a height of 247 meters, this is Tokyo’s second tallest mixed-use building after Roppongi’s Midtown Tower.
The building contains retail facilities, office space on floors 6 to 35, residences on floors 37 to 46 and Japan’s first Andaz Hotel on floors 47 to 52.
There are 172 apartments, of which 70 were made available for sale with the remainder for rent. Most of the apartments had sold prior to the building’s official opening on June 11, 2014.
Residents have access to bilingual support services, room service, house-keeping, catering, restaurant and spa facilities offered in conjunction with the Andaz hotel (residents must pay a membership fee for these benefits, however).
While prices and sales were not publicly advertised, some suggest they were priced at a record-setting high of around 4 million Yen per square meter when brand new. Mori Building only ever builds apartments at the very top end of the market, and they still command high prices years after completion.
*Japan Property Central, K.K. is a fully licensed real estate agency. We are able to assist buyers with the purchase of apartments in this building and similar ones. Our fees to buyers are 3% + 60,000 Yen + consumption tax.