Two buildings alongside Omotesando’s Kotto-dori Street have been sold to a Kobe-based realtor.
The sale price was not disclosed but a total mortgage of around 6 billion Yen was registered on the properties. This price works out to around 4.2 million Yen per square meter based on the gross floor area.
BC Minami Aoyama Property I and II (formerly Comodo Aoyama) are both 10 stories and were built in 1992. The buildings contain retail and commercial tenants.
The two buildings are designed with setbacks along the Kotto-dori Street side due to a long-established road widening plan that has yet to be enacted.
Office rents along this section of the street are typically advertised for around 7,400 Yen/sqm (25,000 Yen/tsubo), while ground floor retail may range from 18,000 ~ 23,000 Yen/sqm (60,000 ~ 77,000 Yen/tsubo).
Source: Nikkei Business Publications, May 25, 2023.
