At the beginning of 2013 no one could have imagined the year would end with new owners at two of Mumbai‘s biggest landmarks. However, that's what happens in an economic slowdown- prime properties change hands.
The current year, 2013, will go down as the year marquee properties were sold in Mumbai. From the iconic Cadbury House in Peddar Road that’s been the chocolate maker's headquarters for almost six decades to the 40-year old Express Towers in Nariman Point that had been commissioned by the legendary Ramnath Goenka.
At the beginning of 2013 no one could have imagined the year would end with new owners at two of Mumbai’s biggest landmarks. However, that's what happens in an economic slowdown- prime properties change hands.
Cadbury House has finally found its new owner. The iconic Cadbury House, located in the heart of South Mumbai, has a new owner. It is been sold for a jaw dropping Rs 350 crore to a diamond merchant, Dilipkumar Lakhi.
Cadbury House is spread over 1.1 acre land with a saleable area of about 62,000 square foot. So, at a declared price of Rs 350 crore, Dilip Lakhi is paying almost Rs 57,000 per square foot. Experts say this is inline with today's market rates.
The seller is the Indian subsidiary of Mondelez International, earlier known as Kraft Foods. Cadbury House had been the company’s headquarters for over 50 years.
The location is unbeatable. Cadbury House stands in Mahalaxmi, in close proximity to the Prime Altamount Road and at the cusp of Worli and the Sea Link. Cadbury House will be given an extended lease of about eight to nine months to completely vacate the premise after which Dilip Lakhi takes over.
The diamond trader had to outbid some of the city's mightiest to bag this gem of a property. Developers like Lodha Developers, Oberoi Realty, Orbit Corp, Kalpataru were all eyeing this solitaire. Mumbai’s property market is reeling under immense pressure and that's why these developers decided to opt for a more cautious stance.
Also, Dilip Lakhi is not viewing the Cadbury House as an investment opportunity. He has decided to pay top dollar for self consumption.
The last big deal in Mumbai was in April 2012. That is when Ajay Piramal's Piramal Realty paid a whopping Rs 452 crore to Hindustan Unilever (HUL) for the Gulita property in Worli.
And there is yet another deal brewing in Mumbai and this one is the iconic Express Towers at Nariman Point for a whopping Rs 900 crore. Private-Equity (PE) giant Blackstone along with its portfolio company, Panchshil Realty from Pune are believed to be on track to buy out the existing owners- the Express Group and ICICI Ventures. Interestingly, Blackstone is headquartered out of Express Towers and so are its competitors Warburg Pincus and General Atlantic.
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