"Aobadai Project in Meguro-ku (tentative name)" land utilization advisory project
This prime central Tokyo site remained dormant. JLL was commissioned to provide land use advisory services to support the development of rental housing targeting high-income earners.
Aobadai, Meguro-ku, Tokyo, Sarugakucho, Shibuya-ku
Land Utilization Advisory
Approx. 5,959.26㎡(site area)
In the Daikanyama area, one of the most popular luxury residential districts in Tokyo, JLL Japan Strategic Consulting was commissioned to provide advisory services on the effective use of approximately 6,000 square meters of land of prime central location but with a very complex shape and unique multi-height terrain. Based on a multifaceted feasibility study, the project scheme was established and Mitsubishi Corporation Urban Development was selected as the developer. In January 2021, construction commenced for the Aobadai Project in Meguro-ku, a rental apartment targeting high-income earners, and is scheduled to be completed in early 2023.
Masatoshi Aikawa, Head of JLL Japan Strategic Consulting who led this project, said, "This project aims to make the site that could not be effectively utilized due to unique problems despite its prime central location become profitable. Multifaceted simulations were performed to maximize asset value, carefully examining business stability and changes in social conditions. Ultimately, we were able to prepare a business scheme that satisfied our clients and achieved the selection of the developer."
JLL Japan Strategic Consulting team provides a wide range of consulting services for investors and businesses in Japan and overseas, on all issues related to the effective use of real estate. We are engaged in many projects involving sites that are not easy to turn profitable. Example of projects on utilization of idle land includes making dormant real estate profitable by changing the specified use of land, participation in a joint venture with the land used as capital contribution in-kind, and bulk-sale of suburban residential properties that cannot be dismantled due to complicated ownership rights.
Project name: Aobadai Project in Meguro-ku (tentative name)
Location: Aobadai, Meguro-ku, Tokyo, Sarugakucho, Shibuya-ku
Site area: approx. 5,956.26 m2
Total floor area: Approx. 4,977.04 m2
Structure and size: 19 Units Residential building with 2 floors above ground and 4 basement floors
Land utilization advisory services
Despite the prime central location, development was difficult due to the sloped site and incomplete foundation remaining from previous construction.
Mitsubishi Corporation Urban Development is to develop rental housing targeting high-income earners. Construction started on January 21, 2021 and is scheduled for completion in January 2023. The project contributed to making a prime central Tokyo site that remained idle for a long period of time become profitable. The project will provide tenants with a unique housing experience with green views in the city.