Agreement signed with L&T21-Mar-2018
Seawoods Grand Central is India’s first and largest Transit-Oriented Development (TOD) in Navi Mumbai. Spread across 40 acres, Seawoods Grand Central is a unique combination of Commercial, Retail and Hospitality. It offers spacious, well-planned and completely customizable office spaces.
There is an opportunity to purchase a 10,988 square feet commercial office space (40% leased) in L&T Seawoods Grand Central - India’s first and largest Transit Oriented Development - located in Navi Mumbai, for an all-in cost of Rs. 17,58,00,000 (Rs. 13,563 per sf) which implies a 9% yield and a 10% discount to market price.
The listing is a combination of 2 units in Tower 2:
1. 7th Floor Unit measuring 4,240 sf leased to Ansell a $4 billion Australian company manufacturing protective and medical gloves
2. 6th Floor Unit measuring 6,748 sf currently vacant but under discussion with multiple potential tenants
The listing is a combination of both units meaning investors will get a share of both the Ansell lease and the vacant area totally measuring 10,988 sf.
Developed by L&T, the retail mall and one office tower has been bought by global PE fund Blackstone. PropertyShare’s units are located on the 6th floor and 7th floor of Wing D and Wing F respectively and enjoy unobstructed views of the Arabian sea. Property Share has leveraged its relationship with Blackstone and L&T to get a phenomenal purchase price of Rs. 13,563 psf which is a 10% discount to what L&T sells lower floors for in the property.
Seawoods Grand Central is a LEED Gold certified high-end mixed-use development with a 1 mn sf mall, 2 mn sf office and an upcoming hotel built on top of the centrally connected Seawoods Railway Station.
The integrated development has a 1 mn sf operational mall which has been purchased by global real estate PE fund Blackstone and houses marquee tenants like H&M, Lacoste among others.The office tower has been recently leased to $18 bn co-working start-up WeWork.
Spread across 40 acres, Seawoods Grand Central is an integrated Commercial, Retail and Hospitality development above the Seawoods railway station.
Seawoods Grand Central is located above the Seawoods railway station in Navi Mumbai.
Seawoods station connects commuters to Panvel in the south, Thane in the north and Dadar/CST in central and south Mumbai making the property one of the best located developments in the city. The new Navi Mumbai airport was inaugurated by PM Narendra Modi in February '18 and is expected to start operations for the first phase by early 2020 which should lead to significant upside in the property.
A Transharbour link connecting Navi Mumbai to central Mumbai is also being constructed by L&T along with metro connectivity making this property very attractive from an investment standpoint.
PropertyShare’s unit is located on the 6th floor and 7th floor of Wing D and Wing F respectively and enjoys views of the Arabian sea with light on 3 sides.
This is the most premium unit in the building which has been exclusively sold to Property Share.
The 7th Floor unit is currently tenanted to Ansell (http://www.ansell.com/en.aspx), a $4 billion Australian company manufacturing protective and medical gloves.
The 6th Floor unit is currently under discussion with multiple potential tenants.
Property Share has factored an extremely conservative lease-up period of 5 months and rent-free period of 2 months for the 6th floor unit.
|DAY 0||Year 1||Year 2||Year 3||Year 4||Year 5|
|investment||( ₹ 17,58,00,000 )|
|interest on deposit||4,86,447||4,86,447||4,86,447||4,86,447||4,86,447|
|TOTAL||( ₹ 17,58,00,000 )||₹ 1,27,95,887||₹ 1,41,99,471||₹ 1,41,99,471||₹ 1,62,56,425||₹ 29,93,84,083|
Agreement signed with L&T21-Mar-2018