Sanyo Homes is developing a luxury low-rise condominium located 550 meters south of Omotesando Station and 160 meters from Kotto-dori ‘Antique’ Street. The property’s address is Shibuya, although it is directly across the street from the Minami Aoyama 5 Chome address.
The new building will replace the 5-storey former Garden Square Minami Aoyama rental-only apartment building (pictured above) which was built in 1989. Many of the low-rise apartment buildings along this street are rental-only and not available for purchase. The average age of a building along this street is 31 years.
In December 2016, Sekisui House completed construction on Grande Maison Omotesando, which is located 100 meters south-west of this property. Apartments were priced from 100 ~ 310 million Yen when new, with an average price of 1,755,000 Yen/sqm. A 6-storey vacant apartment building located 90 meters south-west of the property is currently on the market with a land price of 5.3 million Yen/sqm (approx. 4,400 USD/sq ft), which works out to around 1.55 million Yen per buildable square meter (or 1,300 USD per buildable square foot).
Sanyo Homes is also currently building a 6-storey, 21-unit condominium called The Sanmaison Omotesando in Jingumae 4 Chome. The building is 300 meters from Omotesando Avenue. Completion is due by March 2018. It is possible that this project in Shibuya will also have the Sanmaison name.
Source: The Kensetsu Shimbun, May 22, 2017.