No bidders for Nara Dreamland
The foreclosed Nara Dreamland amusement park in Nara City failed to attract a single bid when it was put up for public auction on November 11. The 297,000 sqm site was listed for sale with a minimum price of 730 million Yen (6.3 million USD). Although ten inquiries were received, no bids were made.
Too expensive?
With a minimum price of around 2,400 Yen per square meter, this might seem like an exceptional bargain when compared to the surrounding area, but the park is dotted with a number of overgrown and unsafe structures and rides which would require several hundred million Yen to remove.
The land is also subject to a number of strict building regulations that make redevelopment a difficult task. The land falls in an Urbanisation Control Area and current uses only permit welfare, sports, museum, zoo or school facilities. Approval from the prefectural governor is required before construction.
Housing, commercial, retail or hot spring development is not allowed. It is also within two kilometres of two UNESCO World Heritage Sites (Todai-ji temple and Kofuku-ji temple), which means the land is designated as a scenic and conservation zone under the Act for the Preservation of Ancient Capitals. As a result, building heights are limited to 10 meters, while building-to-land ratios are limited to 30%. Nara’s mayor said the city has no intention to provide any allowances on the construction regulations.Read more
Signs of life for vacant site between Daikanyama and Nakameguro
The large and vacant plot of land located between Daikanyama and Nakameguro may finally see some activity as the Tokyo Metropolitan Government and Meguro Ward have announced that they are seeking tenders from developers for the 8,500 sqm site.
The land was previously the site of lodgings for the Japanese National Railway Settlement Corporation (JNRSC). The property was acquired by the Tokyo Government and Meguro Ward in 1995 for approximately 6.4 billion Yen. Initial plans were for an aged-care facility and public housing.Read more
Land in Tokyo Disney Resort sold for 9.3 billion Yen
Oriental Land Co., Ltd. have acquired a 23,000 sqm site within the Tokyo Disney Resort for 9.3 billion Yen (404,350 Yen/sqm). The seller is the Dai-ichi Life Insurance Company - a major shareholder in Oriental.Read more
The Naked Island in Hiroshima for sale
Sukune Island will go up for public auction in February. The uninhabited island was featured in the internationally acclaimed 1960 film 'The Naked Island'. The director, Kaneto Shindo, passed away in 2012 and associates and fans of the actor are looking for donations to purchase the island to honour his memory.Read more
British Govt to return 20% of Tokyo Embassy land to Japan
The British Embassy in Tokyo is going to become a little smaller next year as the British government has decided to return a portion of the land.
The embassy is sprawled across a 35,000 sqm (376,600 sqft) estate just west of the Imperial Castle in Chiyoda-ku. The land has been leased by the British government since 1872. The US and Spain are the only other countries that lease their embassy land in Tokyo from the Japanese government.