For Sale: 2-Bed apartment with designer renovation in Ichibancho

We have details on an early listing for a two-bedroom apartment with a stylish designer renovation in Ichibancho, Chiyoda-ku. The apartment will go on the open market later in the week.

Price: SOLD

 

The 114.95 square meter (1,237 sq.ft) corner apartment was given a tasteful and refined makeover by Kagami Reform in October 2016, and has a new kitchen, bathroom, wood flooring in the living/dining, tiled entrance and new carpeting in the bedrooms.

The living room features an open plan kitchen with plenty of storage, a pantry, dishwasher, oven, gas cooktop and bar sink. There is the option for the apartment to be sold semi-furnished.

The apartment is on the 8th floor in Grand Hills Ichibancho, a 12-year old residnetial building in Chiyoda’s ‘Bancho’ neighbourhood on the western side of the Imperial Palace. The 14-storey building was designed by Tange Associates – the architectural firm established by Priztker Prize-winning architect Kenzo Tange.

*Update: This property has since sold and is no longer available.

 

The Bancho area is home to some of the most expensive residential land in Japan. In Tokyo, the top three residential sites with the highest percentage change in land values were all located in the Bancho area.

sanbancho-standard-land-price
Residential land at a nearby survey site in Sanbancho had a Standard Land Value of 2,650,000 Yen/sqm in 2016, up 11.34% from 2015, and up 28.0% from 2012. This was the fourth year in a row to see an increase.
sanbancho-chika-koji-land-value
Residential land at another survey site in Sanbancho had a Government Assessed Land Value of 2,670,000 Yen/sqm in 2016, up 9.88% from 2015, and up 24.2% from 2012. This was the third year in a row to see an increase.

Once upon a time this neighbourhood was home to large samurai residences. Only a small number of detached homes remain in this neighbourhood, and with sky-high land prices, the detached homes can be valued at 5 billion Yen and up.  On the northern side of this building is the former Executive Office Annex of the House of Representatives. The government-owned 2-storey home has an estimated value of over 6 billion Yen (approximately 55 million USD).

The Bancho name is derived from the ‘Oban’ or Great Guards that protected the shogun and old Edo castle.  Just 80 meters along this street was the former residence of Seinosuke Go (1865-1942), president of the Tokyo Stock Exchange and son of a shogun and baron.

Apartment prices in the Bancho area

There are currently two other sale listings in Grand Hills Ichibancho. Both listings are two bedroom units in original, non-renovated condition, and are priced from 1.95 ~ 2.2 million Yen/sqm.

In this neighbourhood apartment prices will be determined by the age of the building, floor height, views and the building’s brand name.

The two most expensive buildings in this area are Park Mansion Chidorigafuchi (2004; average price of around 3,000,000 Yen/sqm) and The Parkhouse Gran Chidorigafuchi (2015; average price of around 3,600,000 Yen/sqm). Both buildings currently have no availability, and units are rarely available for resale.

Market data

 

  • No. of sale listings in Bancho area: 81
  • Over 100 sqm: 17 (21% of total listings)
  • Over 120 sqm: 9 (11% of total listings)
  • Over 150 sqm: 4 (5% of total listings)
  • Less than 50 sqm: 33 (41% of total listings)

 

Apartment prices per square meter:

Building ageMinimumMaximumAverage
Brand new¥1,600,000¥3,000,000¥2,275,000
<5 yrs old¥1,180,000¥2,004,000¥1,597,000
5 ~ 15 yrs old¥995,000¥2,386,000¥1,708,000
15 ~ 30 yrs old¥1,039,000¥1,832,000¥1,485,000
30+ yrs old¥570,000¥1,300,000¥876,000
ALL¥570,000¥2,386,000¥1,270,000
Apartments over 100 sqm¥721,000¥2,386,000¥1,570,000
Size & AgeAverageMedian
Apartment size68.89 sqm59.37 sqm
Building age21.66 yrs15 yrs

 

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