Yakuin Business Garden

C-20 Other Cities Office Large Sponsor

A landmark building in Yakuin, an area adjacent to Tenjin in Fukuoka that is attracting interest

Yakuin is located in the south of Tenjin in the center of Fukuoka City. The area has attracted increasing interest in recent years, with many office buildings and condominium development projects. In addition to its favorable location in front of Yakuin Station, where Nishitetsu train and Fukuoka City Subway lines intersect, the 14-storey building enjoys excellent visibility thanks to its glass exterior and is becoming a landmark of the Yakuin area.
With high-level specifications, including approximately 400 tsubos of column-less space per floor, 2.8 meter-high ceilings, and full individual air-conditioning, it compares favorably to offices in central Tokyo, and a number of well-known local companies have their head offices here.
The building is appreciated for the abundant greenery planted around it, receiving an award for urban planning featuring flowers and greenery from Fukuoka City in 2013. It offers superior environmental performance as well, earning it DBJ Green Building Certification as a building having extremely "exceptionally high environmental and social awareness."

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Related Press Releases

Notice Concerning Property Acquisition (Conclusion of Contract) "Yakuin Business Garden"
Notice Concerning Completion of Property Acquisition "Yakuin Business Garden"

Property Overview

Address Fukuoka, Fukuoka1-1 Yakuin 1-Chome, Chuo-ku
Structure/Floors SRC  14F Acquisition Price (million yen) 10,996
Total Floor Space (m2) 22,286.35 Leasable Space (m2) 16,654.33
Completed 2009-1 Standard Floor Space (m2) 1,300.45
Acquisition Date August 8, 2012 No. of Tenants 16
Related website
  • (Note1) The abbreviations of the “Structure/Floors represent the following, respectively:
  • S: steel-framed RC: reinforced concrete SRC: steel-framed, reinforced concrete
  • (Note2) The acquisition price indicates the transfer price stated in the real estate transaction agreement or trust beneficiary transfer agreement, rounded down to the nearest million yen, and excludes various expenses required for the acquisition of the relevant real estate, etc. and consumption tax, etc.
  • (Note3) The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.
  • (Note4) The “Leasable Space” indicates the area of the portions owned by JPR.

Floor Plan (Japanese)

Management Status

37th 38th 39th 40th
Rental Revenues (million yen) 553 581 576 552
Rental Expenses (million yen) 152 154 141 146
NOI from Leasing (million yen) 401 426 434 405
Depreciation (million yen) 94 95 95 97
Rental Income (million yen) 307 331 338 308
Capital Expenditures (million yen) 57 0 52 20
Period-End Occupancy Rate (%) 99.9 99.9 92.1 99.9
NOI Yield (%) 7.3 7.7 8.0 7.3
NOI Yield after Depreciation (%) 5.6 6.0 6.2 5.6
Appraisal Value (million yen) 20,100 20,600 21,400 22,200
Gain or Loss from Valuation (million yen) 10,006 10,600 11,443 12,321
Cap Rate (%) 4.0 4.0 4.0 3.9
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) Annualized NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) Annualized NOI yield(after depreciation) = (Rent revenue - Realestate expenses related to rent business)/Acquisition price
  • (Note4) Unrealized gains or losses = Appraisal value - Book value
  • (Note5) Cap rate indicates the capitalization rate by the direct capitalization method. Direct capitalization method is one of the methods to calculate the value estimated by income approach (a method to estimate the value of the target property by calculating the sum total of present value of the net operating income which the target property is expected to generate in the future), and capitalizes the net operating income of a certain period by using the capitalization rate.
  • (Note6) The amounts and areas are rounded down to the nearest specified unit, and the percentages and other figures are rounded off to the nearest specified unit.

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