Apple leases 1.16 lakh sq ft for 10 years in Bengaluru for Rs 2.43 crore a month

Apple has leased 1.16 lakh sq ft of commercial space on Cubbon Road in Bengaluru. (Representational image).

Tech titan Apple has leased 1.16 lakh sq ft of commercial space for 10 years on Cubbon Road in the heart of Bengaluru for a rent of Rs 2.43 crore per month, documents accessed by Propstack showed.

The company has leased the entire seventh, eighth, and ninth  floors, along with a portion of the fourth and sixth floors, in Prestige Minsk Square, a commercial building by Prestige Estates Projects. The per square feet rental is Rs 195, besides Rs 16.56 lakh per month for car parking, the documents showed.

The lease commencement date for fit-outs was November 28, 2022. The rent commencement date is July 1, 2023.

The lease deed was signed between Mohammed Musa Sait Waqf, Prestige Estates Projects, and Apple India. Musa Sait Wakf is a private wakf that had entered into an agreement on April 20, 2017, with the developer to construct the commercial building comprising three basements, and ground plus 14 floors.

The rent will be increased by 15 percent every three years. The company has the option of renewing the lease for three additional terms of five years each.

Moneycontrol has reached out to both Apple and Prestige, but they have not responded yet.

Apple is set to open its first retail store in India in Mumbai. For that, it has leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around Rs 42 lakh per month, registration documents accessed by Propstack showed.