MYRE Capital launches new grade-A office asset in Mumbai's Times Square

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MYRE Capital on October 7 announced it has launched its newest property offering in Mumbai's Times Square.

The new property offering in Andheri area is an institutional grade-A office space which is expected to offer a rental yield of 10.5% and 13.6% of target Internal Rate of Return (IRR).

The firm informed that the entire tower is pre-leased to Smartworks and the 10th floor is further subleased to IFTAS -- an RBI subsidiary -- with a lease tenure of 15 years. With proximity to major metro lines and the airport, the proposed space of 17,816 sq ft spans the entire 10th floor of the newly constructed Tower-C in the Times Square development.

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MYRE Capital's new asset premises has been further leased by Smartworks to other marquee enterprise tenants providing two layers of security against any potential vacancy risks. Under the contract, the managed leasing partner is responsible for the rental payments irrespective of subtenant vacancy thereby making it an extremely secure investment option.

"The asset is currently at 25% funding on priority access with the opportunity going live on our platform today. Given the lucrative nature of this opportunity, the demand for “Priority Access” to this asset has been phenomenal. Favourable micro market fundamentals, attractive lease terms, and strategic asset location makes the opportunity a compelling investment proposition for investors," MYRE Capital founder Aryaman Vir said.

Among other details, MYRE Capital said that the managed leasing partner Smartworks presence makes the property reliable and hence a compelling investment opportunity.

Earlier in 2021, MYRE Capital aggregated 70+crore of assets under management across three prominent Grade-A properties in Maker Maxity, BKC, Mumbai, and Magarpatta Cybercity Township in Pune.