The vintage Minami Aoyama 571 apartment building in Omotesando has been demolished to make way for a retail store. The former building was privately developed in 1988 with 4 apartments over 4 floors. Back in early 2015 a full floor apartment was listed for sale for approximately 270 million Yen – a relative steal since it included a 130 sqm share of the land. Unfortunately several of our clients passed on this opportunity. Not long after, the apartment owners appear to have sold the building and land at an undisclosed but potentially attractive price. It was demolished several months ago by the new owner – a large real estate developer.
To rebuild a condominium, 4/5ths of apartment owners must agree. To demolish and sell the land, however, requires a 100% vote in favor.
The 486 sqm block of land is zoned as Category 2 Mid/High-Rise Oriented Residential Zone with a maximum floor-area ratio of 300%. The street is primarily low-rise, high-end retail with neighbors including Nicolai Bergmann, Cicada restaurant, Aveda salon, Diesel, and diptyque. Land values around the Minami Aoyama / Omotesando area have increased by around 20% since 2015.
The new retail store will be 12.96 meters tall with two floors above ground and one basement. The total building size will be 815 sqm (8,770 sq.ft), with completion scheduled for late November 2019.