Mastermind JAPAN and Veritas Investment have started sales on their investment-oriented condominium in Azabu Juban. The “mastermind JUBAN” residential building has 44 units priced between 29.5 ~ 69.9 million Yen (383,000 ~ 908,000 USD). Apartments range from 26.35 sqm (283 sqft) studios to the 66.18 sqm (712 sqft) 2-bedroom apartments.There are 40 studios and only 4 2-bedroom units.
Located in Higashi Azabu 2 Chome, the apartments are just 2 minutes walk from Azabu Juban Station and the well-appointed Azabu Juban restaurant and cafe-filled streets. However, the Higashi Azabu neighborhood itself is a fairly industrial area with lots of small home factories and workshops – far from glamorous.
The apartments are styled towards young working singles. The entrance lobby features mastermind JAPAN’s skull and crossbones Show Foto in Swarovski crystals. Mastermind JAPAN announced that they will be shutting down their fashion label following their Spring 2013 collection.
Designer collaborations are usually sold at a premium, which is reflected in the design elements, brand name and quality finish. However, this development seems a little gimmicky. In essence, it is a cheap studio building with some skull decorations from a brand that will no longer exist after 2013.
Also, the late announcement of sales could mean that the apartments were not originally intended for sale, and could imply that the developer wants to cash out of the project.
Apartment rentals are managed by S-Fit Property Management and all rent prices have been pre-determined. The average advertised rent in this building is 4,715 Yen/sqm/month which would provide a gross return of 5.20% per annum.
There are plenty of other studio and compact condominiums due to hit the market in the next few years, especially in the Azabu area.
About mastermind JAPAN:
Mastermind Japan is a specialty menswear manufacturer started in Tokyo in 1997. They specialize in punk-inspired printed t-shirts which range in price from $305 to nearly US$900. Other products include ties, gloves, boots, caps, jeans and rings, all emblazoned with the Mastermind Japan skull and crossbones Show Foto and all similarly priced. The clothing line appeals to the well-heeled fashion consumer who wants to appear to be part of the punk subculture. Seal wore a Mastermind Japan tie to the 2008 Grammys.
– Price range: 29,500,000 ~ 69,900,000 Yen
– Rent range: 116,500 ~ 126,500 Yen/mont (studio apartment)
– Size range: 25.49 ~ 66.18 sqm
– Completion: January, 2012
– Construction: 12 Stories
– No. of units: 44
– Construction Company:
– Developers: Mastermind JAPAN and Veritas Investment
– Land size: 344.74 sqm
– Land ownership: Freehold
The finished product:
mastermind JAPAN Wiki page: http://en.wikipedia.org/wiki/Mastermind_Japan
Sales Page: http://www.mastermindjuban.com/
Leasing Page: http://www.sfit.co.jp/pm/mastermindjuban