Trent Chooses the Future with Lodha Excelus, New Cuffe Parade
January 18, 2019 | By
Tata Group’s retail arm Trent anchors at Lodha Excelus,New Cuffe Parade.Part of an integrated development with superior connectivity at hand Lodha Excelus, New Cuffe Parade is set to be the best off-BKC business destination.
In a major commercial deal, Tata Group's retail arm Trent has acquired five floors of office space in Lodha Group's commercial building Lodha Excelus,New Cuffe Parade for a transaction value of Rs. 300 crore. Organisations such as Tata Group – those with a long, strategic view are the pioneering movers into areas with the potential of becoming a popular location.
Lodha Excelus at New Cuffe Parade-Mumbai's upcoming business centre, is part of an integrated development spread over 23 acres, encompassing 3000 residences and a total of 2.5-3 million sq ft office space.This growing business district is truly ahead of its time and offers superior connectivity to every major part of the city.The connectivity with the soon-to-open Sion-BKC connector, accessibility to the Eastern Freeway, extension of the monorail operations and continued growth of metro lines across the city, New Cuffe Parade has attracted growing interest of corporates.
Of the 5 floors, the company, as the first and anchor client, has bought four floors on an outright basis, while one floor has been taken on a long-term lease adding up to 1.5 lakh sq. ft. area, Lodha said in a statement issued Wednesday.
"The transaction has been done at a value of around Rs. 60 crore per floor, implying a deal value of Rs. 300 crore, which makes the building worth Rs. 1800 crore. We have just completed the first office building at this project with over 8 lakh sq. ft. of leasable area and we are starting work on the second office building of about 11 lakh sq. ft. soon," Lodha group Regional CEO Shaishav Dharia said.
He further said the company has a few projects under development which will be completed over the next three years, giving us an annuity business worth over Rs. 15,000 crore.
Source: Moneycontrol