New Life in Old Tokyo: The ParkOne's Monzen-Nakacho
The newest member of Mitsubishi Estate Residence's prestigious ParkOne family brings modern living to one of Tokyo's most historic neighborhoods
[Sponsored Article]
The Tokyo 2020 Olympic Games have been the catalyst for unprecedented development in Japan's capital, but developers aren't only focused on the short term. With Abenomics attracting more foreign businesses and entrepreneurs to the world's third largest economy, and ever more Japanese professionals and their families relocating from outlying cities to the capital, demand is growing for a higher standard of residential property in Tokyo's central wards than the utilitarian accommodation that currently dominates the housing markets.
Most of Tokyo's urban regeneration is focused on expanding the central business districts surrounding the city's busiest train stations, but the hectic pace of life and sensory overload of Shibuya and Shinjuku isn't for everyone. For those who crave a more peaceful life, but still want convenient access to the business and shopping districts, Old Tokyo is an appealing alternative. The historic neighborhoods of Tokyo's old downtown area (or 'shitamachi') that escaped destruction in World War II have also been spared the rampant modernization that Tokyo is famous for, while still benefiting from modern amenities.
The Mitsubishi Group is helping to open up Old Tokyo to a new generation of local and overseas professionals through carefully planned residences under its ParkOne brand. The latest, The ParkOne's Monzen-Nakacho, offers spacious apartments and studios in a quiet urban oasis, directly opposite a subway station for convenient travel into the city and just minutes from Japan's hipster epicenter.
Old meets new
Monzen-nakacho is a significant area of Tokyo's old downtown, as the home of important religious sites dating back to the Edo era: the Shinto Tomioka Hachimangu shrine and Buddhist Fukagawa Fudoson temple. The shrine hosts one of Tokyo's 'Big Three' festivals every three years, while a more frequent market takes place between both sites on the 1st, 15th and 28th of every month, famous for its octopus dumplings and traditional wares.
For more insights into historic Tokyo, it's just one subway stop to Kiyosumi-shirakawa where you can spend time in Kiyosumi Teien, a peaceful park that dates back to the Meiji era, and walk down authentic recreations of streets from centuries past at the Fukagawa Edo Museum. Today, the area is better known as Tokyo's 'coffee central' for its proliferation of chic coffee shops and cafes, including Japan's first branch of specialty coffee roaster Blue Bottle that opened in 2016.
In Monzen-nakacho, traditional sushi and ramen joints and izakaya bars share the winding streets with modern restaurants and cocktail lounges. With 12 retail outlets within a 15-minute walk, as well as parks, sports grounds and other local services, Monzen-nakacho has everything needed for a comfortable life. The station connects with two Metro lines that put Tokyo's business and entertainment districts within easy reach – five minutes to Nihonbashi and Otemachi, 17 minutes to Roppongi and 27 minutes from Shinjuku.
Exclusive apartments
Directly across the street from the subway station, The ParkOne's Monzen-Nakacho offers 60 apartments across 12 floors facing north-east and north-west to offer wide views over the surrounding area and parks. Units include studios from 270 square feet and one-bedroom apartments from 402 square feet, significantly more spacious than the average central Tokyo apartment. Car parking spaces are available for all residents.
Scheduled to finish construction in April 2020, The ParkOne's Monzen-nakacho will welcome its first residents in November 2020, just in time for landlords to benefit from the peak rental demand from January to March ahead of the new financial year. Overseas property investors in Hong Kong can reserve their preferred apartments now, with prices starting from ¥34,580,000 (approximately HKD 2,435,000).