Residential yields and vacancy rates in Minato-ku - October 2014
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in October was 5.0%, down 0.6 points from the previous month and down 0.8 points from last year. The average gross yield across Tokyo was 6.9%, down 0.1 points from the previous month and down 0.8 points from last year.
The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.
The average asking price of a secondhand apartment in Minato-ku was 797,243 Yen/sqm as of October 1, down 0.9% from the previous month but up 15.9% from last year. The average asking price for land was 1,278,181 Yen/sqm, down 0.07% from the previous month but up 22.4% from last year.Read more
Shibuya mistakenly buys ryokan with X-rated past
Shibuya’s local government has found itself in hot water after it was discovered that a building purchased as a retreat had previously been used as a studio for filming adult movies.
The ‘Kikusuikan’ hotel is located in the hot spring town of Kawazu in Shizuoka Prefecture. The building and land was purchased by the Shibuya local government in April 2014 for 110,000,000 Yen and is scheduled to open in October. Total acquisition and renovation costs are expected to reach 228,000,000 Yen.
According to a Shibuya ward assemblyman, Kikusuikan was used as a location for 11 adult films between 2006 and 2013. City office officials, however, deny having any knowledge of this fact and were only made aware after it was reported in a weekly publication.
Taking into account the building’s ‘history’ an independent real estate appraiser valued the property at 40,000,000 Yen.
Sources:
The Asahi Shimbun, September 25, 2014.
The Mainichi Shimbun, September 24, 2014.
Tokyo apartment sales in September 2014
The following is a selection of apartments that were sold in central Tokyo during the month of September 2014:Read more
Nara Dreamland for sale for 730 million Yen
On September 25, Nara City announced that they are putting the long-since closed Nara Dreamland site up for sale with an estimated price of 730 million Yen. Bids will be opened on November 11 with final payment due on November 18.
The sale includes 297,519 sqm of land with 75 buildings including a hotel, training centre, retail spaces, the amusement park buildings and rides, and offices. The park closed in 2006 and is largely overgrown and in a state of disrepair.
Singapore developer buys Seiko Estate, plans to build luxury residences
Singapore-based City Developments (CDL) and an US investment firm have purchased the historic and expansive estate of Seiko founder Kintaro Hattori in Shirokane for approximately 30.5 billion Yen (279 million USD).
CDL plan to develop luxury condominiums on the 16,815 sqm site and also plan to conserve the historic residence of Mr. Hattori which was built in 1933.Read more
Kenzo Tange-designed gymnasium in Kagawa at risk of demolition
The Kagawa Prefectural Gymnasium in Takamatsu City faces possible demolition after the sports facility was closed to public at the end of September. The brutalist building was designed by famed architect Kenzo Tange (1913 ~ 2005) and completed in 1964 - the same year that the Yoyogi National Gymnasium, another design by Tange, was built.
The 3-storey building has an arena with 1,300 fixed seats, a gym and conference rooms.Read more
3-Bedroom apartment for sale in Roppongi Hills
Become part of the exclusive Roppongi Hills Tribe.
| Price: SOLD | Size: 121.93 sqm (1,312 sqft) |
*This apartment sold in early December 2014 and is no longer available. It was listed for 67 days and sold at a 0% discount*
A 3-Bedroom apartment on the 41st floor in Roppongi Hills Residence B was listed for sale yesterday. This is a rare corner apartment located on the north-west corner of the building. The estimated rent on this apartment is approximately 1,100,000 Yen/sqm*. It is currently occupied by the owner and inspections are available by advance appointment only.
At the moment this is the only apartment available for sale in Residence B. Since 2012, there have only been 6 apartments listed for sale in this building and only 3 of them were over 100 sqm in size. The most recent sale was a 3-Bedroom 150 sqm apartment on a lower floor which sold for approximately 371 million Yen (2,473,000 Yen/sqm) earlier this year.
While we have recently seen prices skyrocket in other high-rise buildings around central Tokyo, apartment prices in Roppongi Hills have remained at consistently high levels for the past 10 years.Read more