LaSalle Investment Management have purchased an expat apartment building in Shinjuku and will be selling off the apartments individually.

Crest Court Sadohara was purchased by LaSalle’s SPC in August 2011. It was previously acquired by Broad Edge Advisors in 2009 and was originally a rental-only building aimed at the high-end expat market.

Built in 1987, this is a prime example of a bubble-era rental property. The exterior is clad in polished Portuguese granite while the entrance foyer leads to a central courtyard with a basement ‘party room’ space.

Pricing:

The 9 apartments initially offered for sale in 2012 were priced between 103 ~ 275 million Yen, with an average price of 1,075,000 Yen/sqm. By 2013, remaining apartments were listed for around 835,000 Yen/sqm. Some apartments were renovated prior to sale, while others were sold in their original condition.

The building has 57 apartments which range in size from 91.47 ~ 394.34 sqm (984 ~ 4243 sqft). After the bubble it was no longer cost-effective for developers to build apartments of this size and it is rare to see such spacious apartments available for sale.

Management and Repair Fund Fees:

 

Monthly management and repair fund fees are around 447 Yen/sqm in this building, so a 200 sqm apartment would have monthly fees of around 92,000 Yen. There are additional fees for central heating and water.

The Location:

The building is in a neighbourhood that was once very popular with French expats as it had the Lycee franco-japonais de Tokyo school. However, in recent years the number of expats in the area has fallen as they began to shift towards the more central Azabu and Hiroo areas in Minato and Shibuya. Many of the buyers of apartments in this building have been Japanese.

The French school has since relocated to a new site in Kita-ku.

Floorplans:

^ 4-Bedrooms. Size: 221.18 sqm (2380 sqft).
Crest Court Sadohara 1F Floorplan
^ #101 3-Bedroom, 2 Bathroom. 261.47 sqm (2813 sqft). Previously listed for 210,000,000 Yen. Monthly building fees: 120,291 Yen.
Crest Court Sadohara 6F Floorplan
^ 6F 5-Bedroom 342.04 sqm (3680 sqft). Previously listed for 338,000,000 Yen. Monthly building fees: 154,091 Yen.

Location:

2-1-4 Ichigaya Sadoharacho, Shinjuku-ku, Tokyo

Ichigaya Sta. – 4 ~ 8 mins
Ushigomekagurazaka Sta. – 9 mins

Details:

  • Name: Crest Court Sadohara
  • Built: December 1987
  • No. of units: 57
  • Construction: 8 Stories
  • Construction Company: Takenaka Corporation
  • Carparking: 60 spaces (34,000 ~ 35,000 Yen/month)
  • Land size: 4,766.94 sqm
  • Land ownership: Freehold

Apartments listed for sale in 2013/2014:

  • 1F 2-Bedroom 94.62 sqm 84,800,000 Yen
  • 1F 2-Bedroom 105.33 sqm 95,000,000 Yen
  • 1F 2-Bedroom 200.99 sqm 162,000,000 Yen
  • #101 3-Bedroom 261.47 sqm 200,000,000 Yen
  • 2F 2-Bedroom 91.47 sqm 85,000,000 Yen
  • 2F 2-Bedroom 101.23 sqm 92,000,000 Yen
  • 2F 3-Bedroom 161.76 sqm 138,000,000 Yen
  • #203 3-Bedroom 200.99 sqm 161,000,000 Yen Increased to 175,200,000 Yen
  • #216 2-Bedroom 111.39 sqm 97,500,000 Yen
  • 3F 3-Bedroom 184.54 sqm 152,000,000 Yen
  • #311 3-Bedroom 185.04 sqm 158,000,000 Yen
  • 3F 3-Bedroom 200.99 sqm 183,400,000 Yen
  • #415 2-Bedroom 102.45 sqm 89,800,000 Yen
  • 4F 4-Bedroom 219.95 sqm 188,000,000 Yen Increased to 201,900,000 Yen
  • 5F 3-Bedroom 184.54 sqm 220,000,000 Yen
  • 6F 3-Bedroom 206.12 sqm 193,000,000 Yen
  • 6F 5-Bedroom 342.04 sqm 338,000,000 Yen

Interiors:

Crest Court Sadohara Interior

Source: Nikkei Inc., March 6, 2012.

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