Shinjuku, Fantastic Family Home with Upside Development Potential
Posted: Thursday, 23rd of August 2012
Shinjuku! West Shinjuku to be precise. Literally 150m from Shinjuku Chuo Park in the shadow of the Tokyo Government Offices. 2 minutes from its closest station Nishi Shinjuku 5 Chome but multiple stations to choose from, Shinjuku Station itself being a pleasant 20 minute walk. Let me share with you the potential of this extremely well positioned property, Case File No: H24K721.
This 3 storey 6LDK + large roof balcony, residence has 111m2 of land and 149m2 of living area. The 30 year old, built from concrete house has obviously been built to be enjoyed with a touch of architectural design, generous living areas downstairs, 3 comfortable bedrooms, including amenities on the 2nd floor, and extra bedroom and storage up top with a very nice sized roof balcony. A glance at the photos indicate cosmetic work would be required both inside and out if one was to live there. It would certainly serve as a very comfortable family abode for many years well over its remaining stated 10 years. However the upside and true potential of this property lies in the land and its development potential.
Putting aside the fantastic location of this property for a moment, the development potential of this plot is driven by 2 important features:
1. The building construction ratio of the area is 80/600% and 60/300%.
2. Its unusually generous street frontage of 13.5m. (9m depth).
A ratio of 60/300% with maximum height of 20m would allow the construction of a roughly 5 storey x 60m2 apartment per floor! If you still wanted to live here with your family, possibly a double storey apartment and selling the other 3 could be both pleasant and economically viable. A ratio of 80/600% with maximum height of 40m would obviously allow more thereby increasing the potential value of this property. The wide street frontage would make this development all the more viable from an aesthetic and regulatory body perspective. The potential bidder must investigate and clearly understand which ratio is in effect here. Also due to the slightly narrow street the property faces, it will be necessary to investigate the setback requirements. The Appraisal value is 45.43MJPY.
Being Shinjuku after all, ones bid must be a strong one. Most if not all other bidders will be companies also thinking down the development route. The way to play this one is, as always, to thoroughly do your homework, deciding on a strategy and bidding according to that. To bid wisely at auction a strong knowledge of building regulations and costs, familiarization with local land values, on top of your foreclosure skills are imperative.
Last Bids to be in 5pm 13th of September and Bid to Win!!
Any investors with a serious interest in purchasing this property can contact SleepWell Homes. We would be delighted to advise you further and handle its investigation and clearance for you. This property’s details can be seen by logging in to sleepwellhomes.jp and following the link to: http://sleepwellhomes.jp/Listing_PropertyDetail.php?id=2490
Disclaimer: SleepWell has not thoroughly investigated this property and accepts no responsibility of loss due to purchase or attempts to purchase this property. It is absolutely imperative that the prospective buyer undertakes his own investigation or requests the assistance of SleepWell Consulting in procuring this property for them.