Valuable land in downtown Tokyo
The tiremaker Bridgestone has sold its company housing compound in Roppongi with a profit of 63.4 billion yen (391 million euro) on the original book value.
The sale was announced on the occasion of the quarterly earnings publication. The actual price and the (Japanese) buyer were not disclosed. A private bidding took place last year.
The 5,695 m2 site is located directly across the street from Tokyo Midtown, Ritz-Carlton and Hinokicho Park. Hotels and offices are not allowed on the site, there are height limits. The company housing with about 9,500 m2 of apartments will probably be replaced by condos.
Assuming that the book value was very low because it entered company books a long time ago, the booked profit would mean a land price of at least 11 million yen per square meter (almost 68,000 euro).
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