Seiko to sell historical residence in Shirokane for an estimated 30 billion Yen

Seiko Residence Shirokane 3

On August 12, Seiko Holdings announced that they will be selling the 81-year old residence of company founder Kintaro Hattori in Shirokane 2 Chome and are expected to post a gain of 8.5 billion Yen (82 million USD) from its sale. Managing Director Akio Naito said the property was of historical importance to the company and they will announce further details after the property is transferred at the end of September.

The residence was designed by architect Teitaro Takahashi (1892 – 1970) and built by Obayashi Corporation in 1933. Takahashi designed a number of residences, hotels and buildings including the Former Maeda Residence in Komaba Park (1928) and the Takashimaya Department Store in Nihonbashi (1933).

Hattori founded the Wako watch and jewellery shop in Ginza in 1881. The current building in Ginza was built in 1932 as the K. Hattori Building and replaced Hattori’s original store which had been demolished in 1921. Naturally, the clock atop the building is a Seiko.

Seiko Residence Shirokane 1

The 1,340 sqm house is situated on a sprawling 16,815 sqm block of land in Minato-ku, Tokyo.

Seiko Holdings acquired the property from Sanko Kigyo, the asset management company of the founder’s family, in 2010 for approximately 21 billon Yen. Although details on the sale price and buyer have not been made public, it is possible that the property sold for close to 30 billion Yen (290 million USD).

There were rumours in 2013 that the head of a ‘new religion’ was eyeing up the property and had plans to spend up to 40 billion Yen creating a new place of worship, but Bloomberg reported that Singapore-based developer City Developments had acquired the property with another unnamed buyer.

Seiko Residence Shirokane 2

Location

Sources:
Bloomberg, September 30, 2014.
The Nikkei Shimbun, August 12, 2014.
The Kentsu Shimbun, August 15, 2014.
Seiko Holdings News Release, March 30, 2010.

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