Ginza office floor sale sees price more than double within a year

Shioi Kosan, the private asset management company for fast-food bento maker Hotto Motto, has paid 25 billion Yen (approx. 230 million USD) to acquire the 8th floor of the Ginza Six retail and commercial building in Tokyo’s Ginza district. The sale price is more than double the price that the floor sold for 7 months prior.

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Proud Ginza Higashi Residence

Price when new: 66 ~ 219 million Yen (approx. 1,300,000 Yen/sqm)
Size range: 58.05 ~ 100.42 sqm (625 ~ 1,081 sq.ft)

Area: Akashicho, Chuo-ku

 ABOUT

Sales began in August 2017.

Proud Ginza Higashi Residence is located 1,100 meters, or a 14 minute walk from Ginza’s main shopping avenue and 500 meters from Sumida River. It is a 2 minute walk from Shintomicho Station on the Yurakucho Subway Line.

The 12-storey building includes 102 two and three-bedroom apartments, and 22 car spaces. The resident lounge interior has been designed by Hirsch Bedner Associates (HBA). This firm has also done interiors for Four Seasons, Shangri-La and the Grand Hyatt.

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Ginza’s oldest bar to close

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Ginza’s oldest bar will close this month and the historic 89-year old building is likely to be demolished as the 80-year old owner is struggling to maintain the ageing structure.

Bordeaux opened in 1927 in a two-story European-style building in the Ginza 8 Chome address. It hosted many famous patrons over the years including Mitsumasa Yonai (37th Prime Minister of Japan), and Isoroku Yamamoto (Japanese Marshal Admiral). Businessman Jiro Shirasu (Wikipedia), was said to have had a permanently reserved seat in front of the fireplace.

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Land in Ginza sells for 43 million Yen/sqm

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In August, railway operator Hankyu Corporation acquired a block of vacant land in Ginza for 13.5 billion Yen (approx. 132 million USD). The purchase price worked out to be approximately 43,700,000 Yen per square meter (40,000 USD/sq.ft), or around 4,500,000 Yen per buildable square meter (4,100 USD per buildable square foot) based on a potential 3,000 square meter building.

The 308.88 square meter (3,323 sq.ft) corner block of land is located alongside Namiki Dori Avenue. It was originally the site of the 10-storey Tokyo Chusha Building, which had a total floor area of 3,000 square meters (32,280 sq.ft). The building was demolished in 2015.

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Sony to demolish iconic Ginza building in 2017

Ginza Sony Building 5

The 50-year old Sony Building in Tokyo’s Ginza area will be demolished in 2017 to make way for a temporary park, and finally a replacement building by 2022.

The building sits on a prime 700 sqm (7,500 sq.ft) corner block of land just 180 meters from the historic Wako Building and the Mitsukoshi Department Store. The land is used as one of the government’s chika-koji annual land survey sites. In 2016, the land had a surveyed value of 34,700,000 Yen/sqm (approx. 31,000 USD/sq.ft), which would make the 700 sqm site valued at approximately 24.5 billion Yen (approx. 235 million USD). The valuation was up 18.03% from 2015, and has increased by a staggering 151% since 2002. 

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