Grosvenor Asia Pacific Limited have purchased expatriate apartment “The Mark Minami Azabu” for an undisclosed sum in January 2012.
The Mark was built on the site of the former training institute of Tokio Marine & Nichido Fire Insurance. The building was completed in August 2008, just prior to the collapse of Lehman Brothers which sent shockwaves throughout the economy and had a serious affect on the market for expat tenants.
The 4-storey building has just 11 apartments. They range in size from 215 to 395 sqm (2313 ~ 4250 sqft). Currently, three apartments are listed for rent from 1,500,000 to 1,750,000 Yen/month. Located in next to the Victoria Court apartments in Minamiazabu 3 Chome, The Mark is just minutes from several embassies, international schools and Arisugawa Park.
Last October, Grosvenor acquired “Roppongi Arents” – another expatriate apartment building that is located right next door to the Roppongi Hills Residences. A representative from Grosvenor said that now is currently the time for investing in high-quality buildings in good locations. They plan to expand their acquisitions in Tokyo from this point on.
Source: The Asahi Shimbun, March 22, 2012.