For the first time in more than 40 years, Tokyo’s famed Yamanote line will get a new station between Shinagawa and Tamachi stations. The name of the new station was revealed on December 4th, 2018 to be Takanawa Gateway station.
Currently under construction and slated to be ready by the Olympics in 2020, the name of the station was decided by eliciting suggestions from the public. JR East Japan received 60,452 entries with the most frequent naming convention being some permutation with “Takanawa” in the name.
Following up from Takanawa was “Shibaura” and “Shiba Hama”. The actual term “Takanawa Gateway” was ranked 130th in the entries by volume but an in-house selection committee thought the name stood out as the Takanawa area had been a busy gateway to Edo, the precursor to modern day Tokyo.
“We want the area to be well regarded as not only a historical location but also a place that is looking towards the future with open arms.” said Yuji Fukusawa of JR East Japan. “Over the next 2 years, should construction continue to go smoothly, we expect to open the station in 2020 prior to the Olympics.”
The station itself is designed by world renowned architect Kengo Kuma. JR East Japan also holds 13 hectares surrounding the station to be used for an international business complex and expat oriented residences.
The last new station added to the Yamanote line was in 1976 with the addition of Nishi Nippori station.
What does this mean for real estate in the area?
Infrastructure improvements usually predict rises in residential demand for an area and Takanawa has always been underserved when it came to public transport. Bus services are strong in the area however the area needs a well connected train station in order to really drive demand.
Sengakuji station on the Asakusa Line is the only station within walking distance to many residences in the area. The Asakusa line comes into Tokyo from the south and winds its way north running through areas like Daimon, Shimbashi, Asakusabashi and Oshiage.
However, to get to places in the city like Shinjuku, Shibuya or Tokyo station, leaving from Sengakuji station required one to transfer once, usually twice.
This translated into lower prices and rents per square meter in relation to other Minato ward addresses. With Takanawa Gateway station part of the Yamanote line, demand to live in the area is expected to rise as well as prices and rents.
For buyers looking to purchase and hold for 5 years or more, than the area around Takanawa Gateway is a great project for capital appreciation.
Editor’s Note: Adam German is Vice President of Business Development at Housing Japan and a well-known figure in both the marketing and sales side of Tokyo real estate. Originally from Canada, Adam has been behind some of the most successful international residential property services in Tokyo.