HSBC puts South Mumbai Horniman Circle commercial building on the block

HSBC puts South Mumbai Horniman Circle commercial building on the block

Synopsis

The three-storey building approach the monetary institution’s India headquarters properties the areas of work of HSBC Asset Management. It is one of many few iconic colonial period constructions that are detached in beautiful situation.

Reuters

MUMBAI: Multinational monetary institution the Hong Kong and Shanghai Banking Company (HSBC) has put on the block its impartial industrial building at Citadel’s Horniman Circle in south Mumbai, acknowledged two of us mindful of the pattern.

The three-storey, neoclassical art work deco building approach the monetary institution’s India headquarters properties the areas of work of HSBC Asset Management. It is one of many few iconic colonial period constructions that are detached in beautiful situation.

Consultants acknowledged the building has been managed and we’ll maintained by HSBC, which has been the one owner and occupier of the property. The monetary institution holds a 999-300 and sixty five days rent for the space on which the building stands.

In step with the of us cited earlier, after a deal is struck, one of the most departments and operations will be shifted to the internal sight monetary institution headquarters on Citadel’s MG Road and some functions are expected to be moved to suburban areas of work.

“The monetary institution is having a look to terminate the sale of this building by the terminate this 300 and sixty five days and the deal is expected to safe approximately Rs 100 crore,” one of many persons acknowledged.

There could be no such thing as a design reserve ticket for the bids invited. The proposed transaction assumes significance as South Mumbai has no longer witnessed an unlimited impartial industrial building sale on an outright foundation for a in point of fact very prolonged time.

HSBC’s spokesperson and transaction consultant CBRE South Asia declined to comment.

The building stands on a quarter-of-an-acre space and has a constructed-up keep of abode of 32,000 sq ft. The event has a basement, too.

In 2015, HSBC had offered its land parcel spread over 1.4 acres subsequent to Doordarshan Tower in Mumbai’s Worli locality to K Raheja Corp for Rs 230 crore.

In 2011, the monetary institution, along with joint owner Long-established Chartered, had offered Bishopsgate, a residential building in upscale Breach Candy, for Rs 272 crore to Peninsula Land, an Ashok Piramal Neighborhood company.

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