[Foreclosed] UT Building, Shibuya

*Update: The winning bid was 1.21 billion JPY (14.6 million USD) made by a corporate buyer.*

The mystery of the shrouded building along Aoyama Dori is solved – it has gone into foreclosure.

The court evaluated price is 1 billion JPY (12.1 million USD).

The developer seems to have gone bankrupt and could not pay the construction company, Tokyu Land Corporation, for their work so Tokyu Land halted construction and took possession of the property. The outstanding debt to Tokyu was 1,269,164,513 JPY (15.3 million USD).

Construction was about 50% complete when worked stopped.

The land size is approximately 350sqm. Land fronting onto Aoyama Dori is valued at roughly 5 million JPY/sqm (5600 USD/sqft).

Auction Details:
Listing date: 2010/12/22
Bidding: 2011/01/13 – 2011/01/20
Opening of bids: 2011/01/27
Sale decision date: 2011/02/01

Court evaluation: 1,005,030,000 JPY
Minimum bid: 804,024,000 JPY
Deposit to bid: 201,006,000 JPY (20% of evaluation)

Building & Land Details:
Land size: 354.27 sqm
Land Ownership: Freehold
Construction: Steel frame and Reinforced concrete floors 12 storey
Building size: 2943.79 sqm

Location:
Shibuya 2 Chome, Shibuya-ku, Tokyo
Shibuya Sta. – 6 min walk (500 meters)

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