lodha excelus

Tata Retail obtain Five Floors Office Space at Lodha Wadala

Mumbai News

Tata Group’s sister company Trent ltd acquired 5 floors office space in Lodha Developers commercial space building named Lodha Excelus located at New Cuffe Parade, Central Mumbai. This deal is said to be the first biggest commercial deal of 2019.

Trent bought four out of five floors directly, while the fifth floor has taken up on a lease of 25 years. This commercial deal is valued at approximately Rs. 300 crores as all the five floors cover an area of 150,000 sq. ft. leasable area.

The company will have consolidated offices of multiple brands as the Trent deal for a retail chain Westside, Landmark, which is a family entertainment store, and Star Bazaar, which is a hypermarket chain jointly owned by UK’s supermarket chain, Tesco.

The rental for fifth floor which is acquired on lease is finalized at Rs.125 per sq. ft. a month. According to the lease agreement the rental will increase by 15% at every three years.

Abhishek Lodha, Managing Director, Lodha Developers said that we are emphasizing to develop rental business via retail and warehousing projects from the past three years. We have a business expansion of worth Rs. 15,000 crores as the development of a few assets are completed while few are under construction and will be ready for business in the next three years.

This is the first time that Trent acquired completed office structure that covers a leasable area of 8 lakh sq. ft. at New Cuffe Parade. They commenced work on the second office building that covers an area of nearly 1.1 million sq ft. The Lodha Developers own a total of 2.5-3 million sq. ft. office space which is planned in all three towers including the first completed one.

The real estate experts feel, that this deal between Tata and Lodha developers showcase investors increasing interest in Mumbai’s eastern shore.