L&T Seawoods rents out 52,391 sqft to Fleet Management for record rent of Rs 95 per sqft per month in August 2017…

Fleet Management has taken 52,391 sqft built-up area in L&T Seawoods Grand Central, Navi Mumbai in first week of August 2017. Fleet Management will be paying Rs95 per sqft per month at an annual pay-out of Rs 6 crore to the landlord, L&T Seawoods for 5 year lease term. The lock-in period for tenant is 3 years while the landlord is locked in for the entire 5 year lease term. Additionally, tenant has to pay 8 months security deposit with additional tranche of security deposit at time of rental escalation after 36 months to match the prevailing rental. Tenant will be facing escalation of 15% after 36 months. Tenant gets 34 parking lots which would be approx. 1 car park per 1500 sqft.

Fleet deal was facilitated by Savills. This Fleet management – L&T Seawoods lease deal of Rs 95 per sqft per month on Built-up area or equivalent of Rs 140 per sqft per month on carpet area is highest rent achieved by any commercial office space above 30,000 sqft in Navi Mumbai. In another transaction in same building, Teva Watson Pharma has also taken 1.3 lakhs sqft in L&T Seawoods for 10 year lease at lease rental of Rs 95 sqft per month. JLL brokered the Teva Watson Pharma deal.

Recent large lease transactions in Navi Mumbai are:

Building Tenant Area (sqft) Rent (INR sqft)
L&T Seawoods Grand Central Watson Pharma 1,33,000 95
Mindspace, Juinagar IDFC 1,26,173 46
Gigaplex Jacobs 1,80,319 50

Source: CRE Matrix