International property development group, Grosvenor, will be selling off individual apartments in a luxury residential building adjoining the Roppongi Hills complex.
The Westminster Roppongi (previously named Roppongi Arents) is a 14-storey apartment building that was completed in 2003 – the same time as Roppongi Hills. Apartments range in size from 88.45 to 288.77 sqm (951 ~ 3107 sqft) and have previously been rented for between 470,000 ~ 2,200,000 Yen per month.
Grosvenor acquired the expat-rental building in late 2011 from Japan Tobacco. They have started renovating and upgrading the apartments. The renovations were estimated to cost between 1.5 ~ 2 billion Yen (15 ~ 20 million USD).
20 of the 99 apartments will be available for sale and the majority will be priced in the 300 ~ 500 million Yen (3 ~ 5 million USD) range. The average price is approximately 1.97 ~ 2.12 million Yen/sqm. These prices are in line with apartment prices in the neighbouring Roppongi Hills Residences, although the building is not as well-known as the Roppongi Hills development.
Source: The Nikkei Shimbun, August 2, 2013.