Yaesu Fujiya Hotel to be redeveloped
The Yaesu Fujiya Hotel by Tokyo Station will close at the end of March 2014 as the Kokusai Kogyo Group plan to sell the building and land to Sumitomo Realty & Development in April.
Sumitomo are expected to demolish the hotel and redevelop the site into an office building.
Mysterious foreign co. buys Chongryon HQ
The Tokyo District Court announced that the winning bidder of the foreclosed Chongryon headquarters / North Korean de-facto embassy building was a foreign-owned company called Avar LLC.
The court is now assessing the financial viability of Avar's 5.01 billion Yen bid and will make an official decision on the sale on October 22.
*Update: The decision deadline was extended for unknown reasons. On October 21, a citizen's group filed a petition with the district court alleging that Avar is a fictitious company.Read more
Shoto Noh Theatre may be on the market
The owners of the Kanze Noh Theatre in Shoto, Shibuya, are looking into selling the building and land. The head of Yodobashi Camera is a possible buyer, having reportedly expressed an interest to redevelop the property into a private guest house to accommodate his foreign visitors.Read more
Office vacancy rates in September - Miki Shoji
According to Miki Shoji's office report, the vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.90% in September, down 0.26 points from last month and down 1 point from last year. This is the third month in a row where rates have fallen. It is the first time since November 2009 that vacancy rates have been in the 7% range.
The vacancy rate in new buildings was 18.12%, up 0.19 points from last month but down 11.50 points from September 2012.Read more
Kobe's Jonas Residence to be torn down after sale falls through
The final bid to save the former Jonas Residence in Shioya, Kobe, from demolition has failed after the possible buyer backed out of discussions.
In late September a renewable energy-related company began negotiations with the seller - developer Anabuki Kosan - to purchase the historic house and land. Unfortunately the two parties could not come to an agreement on the sale price and the buyer walked away from the deal on October 10.Read more
Hotels worried about new earthquake-retrofitting obligations
From November, large-scale buildings such as hotels built before 1981 will be obligated to ensure that their buildings meet current earthquake-resistant codes.
Building inspections must be carried out before the end of 2015, after which the results will be made public. This has left some hotels worried that guests will avoid places that receive a low score. However, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) says that this information is necessary for hotel guests.Read more