 "StanChart puts Goregaon property on the block")
UK-based bank Standard Chartered is selling its office building in the Goregaon area of Mumbai.
The bank has set a floor price of Rs 325 crore for the 246,074 sq ft property, said sources. At this rate, the price comes to around Rs 13,207 per sq ft. Currently, office projects in Goregaon sell for Rs 11,000 to Rs 13,000 per sq ft.
“Our client Standard Chartered Bank proposes to sell its commercial property in Mumbai,” the bank’s broker Jones Lang LaSalle said in an advertisement on Tuesday.
The property will be auctioned via a bidding process and the last date for submission of bids for the property is September 2.
The bank had bought the Goregaon Property for Rs 325 crore in 2008. Property consultants expect the bank to garner around Rs 400 crore from the sale.
The bank is planning to move operations of the Goregaon office to Bandra Kurla Complex where it currently has headquarters, television reports said.
The ground plus six structure was bought from Raheja Universal and it housed back office operations of the consumer banking division. The stand-alone property is located on Western Express Highway in Goregaon East.
In late 2008, Standard Chartered made headlines when it paid Rs 750 crore for the 147,000 sq ft building Crescenzo at Bandra Kurla Complex for Rs 750 crore.
The bank has set a floor price of Rs 325 crore for the 246,074 sq ft property, said sources. At this rate, the price comes to around Rs 13,207 per sq ft. Currently, office projects in Goregaon sell for Rs 11,000 to Rs 13,000 per sq ft.
“Our client Standard Chartered Bank proposes to sell its commercial property in Mumbai,” the bank’s broker Jones Lang LaSalle said in an advertisement on Tuesday.
The property will be auctioned via a bidding process and the last date for submission of bids for the property is September 2.
The bank had bought the Goregaon Property for Rs 325 crore in 2008. Property consultants expect the bank to garner around Rs 400 crore from the sale.
The bank is planning to move operations of the Goregaon office to Bandra Kurla Complex where it currently has headquarters, television reports said.
The ground plus six structure was bought from Raheja Universal and it housed back office operations of the consumer banking division. The stand-alone property is located on Western Express Highway in Goregaon East.
In late 2008, Standard Chartered made headlines when it paid Rs 750 crore for the 147,000 sq ft building Crescenzo at Bandra Kurla Complex for Rs 750 crore.