Apple India’s BIG move as iPhone-maker leases 2.7 lakh sq ft office space in…; check key details
Tech giant Apple has deposited Rs 31.57 crore as security amount, and the agreement includes an annual rent escalation of 4.5 percent, according to property documents concerning the deal. Read on to know more details on this.
The property rented by Apple is being developed by the Embassy Group.
Apple’s India arm has leased around 2.7 lakh square feet of office space in Bengaluru for a term of 10 years. The deal has been finalised at a lease rate of almost Rs 235 per sq ft per month, according to property documents accessed by Propstack — a real-estate analytics firm. This takes the deal’s total rental outlay to more than Rs 1,000 crore. The tech giant will pay a sum of Rs 1,010 crore over 10 years, which includes rent, parking, and common area maintenance charges, the documents showed.
What are key details of Apple India’s lease pact?
As per the documents, Apple has leased nine floors, with a carpet area of 1.96 lakh sq ft and a chargeable area of 2.68 lakh sq ft, in real estate developer Embassy Group’s project Embassy Zenith located on the city’s Sankey Road. The American company will pay Rs 6.31 crore per month, the documents stated. It will receive a total of 362 car parking slots under the deal. Apple has deposited Rs 31.57 crore as security amount, and the agreement includes an annual rent escalation of 4.5 percent, according to the documents.
Has Apple leased other properties in Bengaluru before?
The property rented by Apple is being developed by the Embassy Group, which acquired it years ago. The tower comprises two basements, a ground floor, and 13 upper floors, according to the property papers cited above. Earlier this year, Apple had leased 7997 sq ft of retail space in Bengaluru’s upscale Phoenix Mall of Asia for an annual rent above of Rs 2 crore. That lease also has a tenure of 10 years, according to documents accessed by Propstack.
