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.Read more
Tokyo Apartment Sales in February 2017
The following is a selection of apartments that were sold in central Tokyo during the month of February 2017:Read more
Otemachi’s first serviced apartments to open this month
Otemachi, one of Japan’s top business districts, will see the opening of its very first residences at the end of this month. Until now, there have been no apartments or residential options in the Otemachi and Marunouchi districts.
Ascott Marunouchi Tokyo is located on the top 9 floors of the recently completed Otemachi Park Building. The 130 serviced apartments range in size from 38 ~ 163 sqm and are suitable for monthly stays. 121 of the apartments are studios and 1-Bedroom units, 8 are 2-Bedroom units and 1 apartment is a 3-Bedroom unit.Read more
Hakone modernist hotel to close next year
Hakone Hotel Kowaki-en will close its doors in January 2018, marking the end of 60 years of operations. The 224-room hotel was designed by modernist architect Yoshimura Junzo and built in 1959. The hotel’s garden dates back to 1914.
The hotel closure is due to aging buildings and facilities. The owner and operator, Fujita Kanko, operates 6 other hotels in the immediate neighbourhood, and this site is expected to form part of a larger hotel redevelopment project. It could include the adjoining Kowaki-en Horai-en Garden, which is a 16,000 sqm traditional Japanese landscape garden. Fujita Kanko acquired the garden in 2015.Read more
Sublease lawsuits on the rise
Disputes on sublease agreements for rental properties are on the increase across Japan.
A sublease or rental guarantee agreement is where a company, often a real estate agency, leases an apartment building or block of flats from the property owner to sublease out to tenants. The owner is guaranteed a fixed rent each month and does not have to worry about any vacancies, although the rent they receive will be lower than market rates. These sublease agreements are often long-term with periods ranging from 10 to 30 years. While landlords may be promised secure and stable rental income, the contracts often contain clauses allowing the sublessor to reduce the rent or even to cancel the agreement.Read more
Details released for Akasaka Twin Tower Redevelopment Site
Details were released earlier this month on the Akasaka 2 Chome Project near Tameikesanno Station in Tokyo. The project has received special permission under the National Strategic Special Zones Law and town planning approval is expected in 2017 or 2018. Completion is tentatively scheduled for 2022 2024.
The 11,866 sqm site is owned by Mori Trust and currently used as a car park. It was previously home to the 18-story Akasaka Twin Tower Building which was built in 1983 and demolished in 2015. The new office tower is likely to include an international hotel on the upper floors. Details on height and floor count have yet to be announced, although it could potentially be as tall as the Akasaka Tower Residence Top of the Hill apartment building located directly to the west of the site.Read more