Tuesday, June 18, 2024

Apple leases 1.16 lakh sq ft in Bengaluru for 10 years, to pay ₹2.43 cr per month

Apple has leased several floors of a commercial building in Bengaluru with a starting monthly rent of 2.43 crore. The premises of the commercial building on Cubbon Road – built by Prestige Estates Projects – will reportedly be used as a global capability centre.

According to reports citing registration documents made available by data analytics firm Propstack, the tech giant will occupy the entire seventh, eighth, and ninth floors as well as a part of the fourth and sixth floors of the office building. 

The company will be paying a per feet rental of 195 as well as a monthly car parking fee of 16.56 lakh. The lease agreement was signed by Apple India and the private Musa Sait Wakf, with the rent commencing from July 1 this year.

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Under the terms of the lease agreement, Apple is bound by a lock-in period of five years and will face a 15% increase in rent every three years. The company also has the option of renewing the lease for up to three additional terms of five years each. The lease also stipulates that no competitors of Apple will be granted space in the building. According to reports, the company had provided a long list of names – including Alphabet, Microsoft, Samsung, Xiaomi, and Amazon.

The development comes mere days after the company revealed the look of its first retail store in India. Apple has signed a 133 month lease for a store in Mumbai’s Jio World Drive mall with an option to extend it by 60 months. As per reports, the 20,806 sq ft store com

es with a hefty monthly rent of 42 lakh – adding up to a little more than 5 crore per year. It will increase by 15% after every 36 months s per data shared by CRE Matrix.

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