Shoto Governor’s Residence sells for 4.3 billion Yen

The former Tokyo Governor’s Residence in Shibuya’s high-end Shoto neighbourhood has been sold to Sumitomo Realty & Development for 4.368 billion Yen (36 million USD), or approximately 1,968,000 Yen/sqm based on the land size.

The residence was offered for sale by the Tokyo Metropolitan Government via public bidding from December 15 ~ 19. Sumitomo and another major real estate company were the only two bidders. The second bidder had tendered approximately 4 billion Yen for the property.

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Former Governor’s Residence in Shoto up for sale again

Shoto Tokyo Governors Residence 1

The former official residence of the Governor of Tokyo in Shoto, Shibuya-ku, is going back on the market next month with a minimum bid price set at 3.51 billion Yen. This is the third time the property has been listed for sale, but is the first time that bidding is open to the general public. Previous attempts were limited to foreign governments looking for embassy locations.

It was originally listed in 2008 with a minimum bid set at 4.8 billion Yen. It was listed again in 2013 seeking offers over 3.3 billion Yen.

Applications for bidding will be open from December 15 ~ 19, with bids to be submitted and opened on December 24, 2014. The successful bidder must be prepared to complete settlement by March 23, 2015.

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Tokyo Governor’s Residence fails to sell

The unused official residence of the Govenor of Tokyo again failed to attract any bids during its second time on the market.

The 2-storey residence was built at a cost of 1.2 billion Yen in 1997 but was only occupied for a little over a year. It was first listed for sale in 2008 with a minimum price of 4.8 billion Yen, but did not attract any offers. It was listed again in 2013 seeking offers over 3.3 billion Yen.

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Former Tokyo Govenor’s Residence in Shoto for sale

Tokyo Governors Residence 2Tokyo City are looking to sell the currently unoccupied former governor’s residence in Shibuya and will be accepting offers over 3.3 billion Yen (33.8 million USD) from October 29.

This is the second time that the city has tried to sell the 2,200 sqm site. It was first listed in 2008 with a  minimum price of 4.8 billion Yen but no offers were made. Prior to the global financial crisis and Lehman Shock, real estate experts had suggested the property had a market value of around 6 billion Yen.

The city is hopeful that the property will be purchased by a foreign government to use as an embassy. They have already received interest from several countries.

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