Grosvenor Asia Pacific, the regional proprietary arm of the international property group Grosvenor, has acquired Park Habio Azabu Tower, a 102-unit luxury residential complex located in Higashi Azabu, Tokyo.
The property, completed in February 2009 by Takenaka Corporation, was purchased in a joint venture on 25 January, 2013. The acquisition, following that of Roppongi Arents and The Mark Minami Azabu in 2011 and 2012 respectively, adds to Grosvenor’s portfolio of assets in Japan and Asia, and is part of the group’s strategy to expand investment in and development of luxury residential properties in the region.
The Azabu area of Tokyo is renowned for its lush green living environment, great convenience and amenities, and a blend of history and culture. Park Habio Azabu Tower is situated only a four-minute walk from Akabanebashi Station and a 9-minute walk from Azabujuban Station. With Tokyo Tower and Shiba Park nearby, the property offers panoramic views across Tokyo in a natural setting at the heart of the city.
As a leader in the investment in and development of luxury residential property in Tokyo since 2001, Grosvenor has a strong history in Japan in design, quality, and property management. In 2008 it completed the 45-unit low-rise luxury apartment building Grosvenor Place Kamizono-Cho; the property currently commands the highest rents in Tokyo. Roppongi Arents, a 99-unit luxury apartment building located adjacent to Roppongi Hills and purchased by Grosvenor in October 2011, has been undergoing major renovations since January 2013 and is scheduled for reopening in autumn/fall of this year.
Koshiro Hiroi, Managing Director of Asia Pacific Development and Chief Representative Japan, says: “We are delighted to have acquired this apartment building in such a prime downtown Tokyo location at an opportune time in the market cycle. With the Japanese economy and the property market expected to rebound strongly, leading to increasing property values within the Japanese luxury residential sector, we are confident our focus on value-add luxury residential development will prove well founded.”
Elsewhere in Asia, Grosvenor has recently jointly acquired Monterey Court in Jardine’s Lookout, one of Hong Kong’s most prestigious residential districts. Together with their partners, they plan to redevelop the 20-storey building into a landmark luxury residence, and have appointed Paul Davis + Partners, whom Grosvenor also worked with on Grosvenor Place Kamizono-Cho, to undertake project design. The development is expected to be complete by early 2017.