88-yr old building on 2.6 hectare site in Minato to be sold

Japan Post Insurance is selling their former Tokyo Service Center building and land in Mita, Minato-ku, Tokyo. The potential sale price and date has yet to be confirmed, although it is expected that the property will be offered for sale by tender. With land of this size, the eventual sale price is likely to be in the 10s of billions of Yen (several hundred million USD).

Japan Post Insurance expects to report a capital gain of 30 billion Yen (approx. 270 million USD) on the sale, which, given their very long history of ownership of the property, may be a close indicator of their preferred sale price.

*Update: The property was sold to Mitsui Fudosan Residential in February 2018. Japan Post Insurance posted a capital gain of 85.03 billion Yen (approx. 780 million USD) on the sale.

The property is located along the street from the Australian Embassy and directly across the street from the historic Tsunamachi Mitsui Club – a members only club that was built in 1913 for the Mitsui family.

The Art Deco building was once theMinistry of Communications and Transportation Postal Life Insurance Building. It was constructed by Obayashi Corporation in 1929 at a cost of 4,350,000 Yen. In those days the annual salary of a doctor was around 4,800 Yen.

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Historic Villa in Kobe searching for new owner

Okamoto Residence 2

The owner of a 93-year old European-style residence in Kobe is looking for a new owner to carry on the home’s legacy. Open days in June and July were arranged for the house by the Heritage House Trust. The conditions of the sale will require the new owner to preserve the structure.

The 2-storey home was built on a hillside position in Higashinada-ku in 1923. It was designed by architect Shichiro Kigo (1884-1955) and built for businessman Jiro Inabata. It was later used as a reception hall for the Miyaji Steamboat Company. In the 1960s, most of the hillside surroundings were subdivided into a housing estate called Okamoto Garden. It was at this time that the current owner’s family purchased the property.

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Kyoto City auctions off historic villa

Kyoto Narutaki-ryo 1

Kyoto City has auctioned off a 3,200 sqm site of city-owned land in Ukyo-ku. The ‘Narutaki-ryo’ was built in 1939 as the residence of Kozo Ohwatari of the Kyoto Dento Electric Power Company. After WWII, the property was acquired by Kyoto City and had been used as a wedding and function facility.

The property includes a large landscaped garden, and a traditional Japanese style main house with a western-style annex, both dating from the 1930s. The city carried out large renovations and repairs to the property over a 10 year period in the 1990s, but the interior and exterior remains largely original.

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290,000 USD will get you Fukuoka Prefecture’s oldest bank building

Fukuoka’s oldest bank building to be demolished if buyer is not found

Kitakyushu Wakamatsu Sumitomo Bank 1The owner of a 118-year old former bank building in Kitakyushu City plans to demolish the historic property in the new year in order to sell the vacant block of land.

The former Sumitomo Bank Wakamatsu Branch Building was built in 1897 and is the oldest surviving bank building in Fukuoka Prefecture. The bank closed its doors in 1967, just as the region’s coal mining industry was reaching an end.

The two-storey, wood and brick building fronts onto a covered shopping arcade and adjoins an open plaza that was once the site of the branch office for Sumitomo’s coal mining operations.

Sumitomo’s archival department do not know who the original architect was, although some experts suggest it may have been Magoichi Noguchi (1869-1915), an architect who designed many of Sumitomo Bank’s branches during that period, and who had also designed the Osaka Prefectural Nakanoshima Library.

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