The Governor of Tokyo has an official residence in Shoto, located just behind Shibuya's Bunkamura. It was built in 1997 at a cost of 1.2 billion yen and consists of a two floor building, with a basement, occupying 1,885 square metres of a 2,200 square metre site. Since winning the election in 1999, Governor Ishihara has never set foot in it, perhaps because he saw it as a pet project of his predecessor Shunichi Suzuki. There was an announcement in January that the property would be sold but the Metropolitan Government has just announced some terms and conditions. The lowest bid they will accept is 4.8 billion yen and the only buyers they will consider are foreign governments who wish to use the site as an embassy building. The committee appointed to the determine conditions of sale says that the Mongolian and New Zealand embassies are located nearby so they wish to ensure the buyer is appropriate for the area although it seems more likely they are looking to save a bit of face. The new owner must also agree not to demolish the structure for a period of five years after purchase but repairs and improvements will be allowed. The owner also may not sell or rent out the property during that five years without the government's permission. One real estate professional believes that the 4.8 billion asking price is above the going rate for the land alone which means the committee has assigned some value to the building itself.
