This retail building in Omotesando is selling for 5 billion Yen. A-FLAG Kotto-dori is being sold by the Activia Properties REIT with delivery to take place by the end of May. The buyer is an unnamed domestic corporation.
Activia paid 4.37 billion Yen for the trust beneficiary rights to the property in late 2016. The 5-story building has a gross floor area of 3,300 sqm (35,000 sq.ft), and a net lettable area of 2,600 sqm. It is fully leased with eight tenants. The approximate cap rate based on the sale price is 3.36%.
The property fronts onto Kotto-dori Avenue, or ‘Antiques Street’. Antique stores began to pop up along this street from around the 1940s onwards, earning it this nickname. It has also been under a proposed road widening plan since 1946 which means the section of buildings within the planned road widening section have a limit on the number of allowable floors and must be built from easily removable materials (eg. no reinforced concrete). Eventually when the street is widened, these portions of the buildings along this street will be dismantled.
Source: Activia Properties News Release, January 17, 2024.
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