Part 3: How to Find a Hidden Gem: e.g. Hakata Fukuoka City

In the previous issue("Part 2: Buildings from the Era of Absolute Height Restrictions "), I addressed a case where a building that was built under the restriction based on absolute height before 1970 could only be reconstructed with a smaller floor area than the existing building. If it were a tenant building, it would be nice if it could be renovated and leased at a higher unit price without reducing the floor area of the building, or rebuilding. However, I also talked about cases where buildings that have not obtained an inspection certificate cannot undergo this renovation.

On the other hand, wouldn’t it be great if it were possible to find a building that was built to the full 31m height limit in the city center under the absolute height limit, but has not obtained an inspection certificate? What if it’s floor area could be significantly reduced if it were rebuilt under the designated floor area ratio? What if it you could purchase it at a low price and it could be used according to the Guideline Investigation? What if, after undergoing the necessary renovations, you could rent it out or resell it at a higher price? Sounds like a dream come true, doesn’t it?!

Then, how should we go about looking for such a property?

The best way to do so is to look for areas that used to be the center of the city but whose commercial and business center has moved to other locations due to the relocation of train stations or other factors.

One such area full of hidden gems is along Showa Street in Hakata, Fukuoka City. Showa Street used to play a very important role as one of the centers of Hakata. However, since Hakata Station was relocated to its current location, the area surrounding Hakata Station has become the center of commerce and business. Note that there are still many commercial facilities and offices along Showa Street, and it  certainly still remain as a vibrant area.

Although the current floor-area ratio is set at 600%, there is an area along Showa Street where many buildings constructed at a height limit of 31 meters remain. If these buildings were to be reconstructed today, the floor area would be reduced by roughly 40%. To make matters worse, many of these buildings have not obtained inspection certificates.

If you can identify buildings along Showa Street that are 10 stories or more in height and they were built before 1970, you will have won the lottery. If you’d like to find such a building, you can determined the year a building was constructed by obtaining a certified copy of the building registration, or by examining old maps and aerial photographs.

Next article → [Part 4: Cases Requiring a Guideline Investigation for a Change of Use that Does Not Rquire an Application for Confirmation] 

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