Apartment-hotel sells for 69 million Yen per key
Daiwa House REIT Investment Corporation has acquired the trust beneficiary rights to a 74-room hotel in Tokyo for 5.114 billion Yen (approx. US$35 million). The appraised NOI yield was 4.0% (3.5% after depreciation).Read more
Tokyo looks to eliminate 8,600 hectares of wooden homes by the 2040s
This month marks the 100th anniversary of the 1923 Great Kanto earthquake that struck the greater Tokyo area. That disaster saw approximately 105,000 lives lost, of which around 91,000, or 87%, were due to firestorms that quickly spread through neighborhoods filled with densely crowded wooden homes.Read more
50-yr old office building converted into share space
An old building in Jimbocho Book Town has been converted into a multi-use share space. Osaka-based construction company, Keyman Inc., took a 50-year old building with a GFA of 288m2 and carried out earthquake retrofitting and upgrades. And they didn’t do it alone - they worked with Souzou Kei Fudosan for consulting and Aki Watanabe Architects for design.Read more
Historic home in Kagoshima finds new owner
A local equipment leasing company has stepped in and saved a historic home in Kagoshima from demolition. The former Fujitake Residence had been owned and operated by the Kagoshima Prefecture Education Center Preservation Foundation since 1960 and used as a staff dormitory. The foundation was no longer using the home and struggling with maintenance costs. Read more
Himeji hotel sells at 3.2 billion Yen loss
A hotel in Himeji has sold at a 3.2 billion Yen (US$22 million) loss based on book value last month as the struggles with nearby competition and the pandemic saw the seller seek to offload it before its value worsened further.Read more
Tokyo's compact office market sees some record high rents
How are office rents doing for the compact sector of the office market? According to the latest biannual report by AtHome, the market seems fine. Overall, rents in Tokyo were relatively flat in the first half of 2023 but several areas saw rents hit 10-year highs. Read more
Omotesando retail sells for over 5 billion Yen
A 3-story retail building alongside Kotto-dori Street in Omotesando has reportedly sold for 5.383 billion Yen (approx. US$37 million). The seller was the Japan Metropolitan Fund Investment Corporation, a J-REIT. The buyer was not disclosed but is a domestic corporation.Read more