MYRE Capital New Grade-A Office Asset in Mumbai
MYRE Capital, India’s first neo-realty investment platform has launched its newest property offering in Times Square, a landmark office complex in the business hub of Andheri, Mumbai. An institutional grade-A office space situated in Andheri is expected to offer a rental yield of 10.5% and 13.6% of target Internal Rate of Return (IRR). The entire tower is pre-leased to Smartworks and the 10th floor is further subleased to IFTAS (A RBI Subsidiary) with a lease tenure of 5+5+5 years. The proposed space of 17,816 Sq. ft. spans the entire 10th floor of the newly constructed Tower-C in the Times Square development. The LEED Gold certified asset offering has access to state-of-the-art infrastructure with proximity to major metro lines and the airport. This micromarket is an established residential and commercial hub of Andheri, Mumbai. The new asset premises offered by MYRE Capital has been further leased by Smartworks to other marquee enterprise tenants providing two layers of security against any potential vacancy risks. India’s largest and profitable provider of agile workspaces, Smartworks focuses on large enterprise clients only which makes the investment proposition extremely attractive for investors. Aryaman Vir, Founder & CEO, MYRE Capital said “The asset is currently at 25% funding on priority access with the opportunity going live on our platform today. Given the lucrative nature of this opportunity, the demand for “Priority Access” to this asset has been phenomenal. Favourable micro market fundamentals, attractive lease terms, and strategic asset location makes the opportunity a compelling investment proposition for investors. Superior asset upkeep such as value added facilities like workspace digitization and professional building management makes the property extremely attractive to sub-tenants leading to longer lease periods and high stickiness among tenants and investors alike. Managed leasing of the asset offering offers long-term tenant stability, secured rental yields and tenant-vacancy risk mitigation plays out as a huge advantage offering a complete spectrum of integrated services helping investors achieve optimal asset and portfolio management.” This asset offered by MYRE Capital is pre-leased and managed so investors can start earning rentals from the first month of the investment itself. The minimum investment for the opportunity is 25 lakhs. Through MYRE Capital’s expertise and offering, investors can build their Commercial Real Estate portfolio and begin a secure investment journey. In 2021, MYRE Capital aggregated 70+Crore of assets under management across three prominent Grade-A properties in Maker Maxity, BKC, Mumbai, and Magarpatta Cybercity Township in Pune.
Tags : News/Views Mumbai Office space tenants MYRE Capital Office Asset IFTAS (A RBI Subsidiary) Grade-A Properties