Apple has reportedly leased a commercial space spanning over 1.16 lakh sq ft on Bengaluru’s Cubbon Road for a rent of Rs 2.43 crore per month. The tech giant leased the seventh, eighth and ninth floors of the property with a part of the fourth and sixth floors in the Prestige Minsk Square. Prestige Minsk Square is a commercial building by Prestige Estates Projects.
The lease commencement date was November 28 last year whereas the rent commencement date is July 1, 2023. The per square rental is Rs 195 and cost for car parking per month is Rs 16.56 lakh.
The rent will be hiked by 15 per cent every year and the company have the option of renewing the lease for three additional terms of five years each. The lease deed has been signed between Apple India and Mohammed Musa Sait Waqf, Prestige Estates Projects. The two parties signed an agreement on April 20, 2017 to construct the building comprising three basements and ground plus 14 floors.
Meanwhile, Apple is set to open its first retail store at the Jio World Drive Mall in Mumbai later this month. The store spans an area of 22,000 sq ft and is inspired by the Kaali Peeli taxi art. Apple reportedly leased over 20,000 sq ft of retail space at a minimum guaranteed rent of Rs 42 lakh per month.
The next Apple India retail store will come up in Select Citywalk Mall in Delhi’s Saket and will likely be inaugurated within few days of the Mumbai store opening. Apple has enjoyed great growth momentum in India, including increased share of domestic manufacturing, aggressive marketing and affordability initiatives and also the success of Apple India Online Store.
