Luxury fashion house Purple Style Labs (PSL) has leased an entire five-storey building spread over 59,000 sq ft commercial space in south Mumbai’s Fort area for a tenure of five years with a starting monthly rent of Rs 3 crore.
The 110-year-old property at Flora Fountain was previously leased to Spanish retailer Zara that shut the store earlier this month after nearly eight years of operations.
The new tenant will be paying monthly rentals of Rs 3.25 crore in the second year, Rs 3.50 crore in the third year, Rs 3.65 crore in the fourth year, and Rs 3.80 crore in the fifth year of occupancy.
The company has paid a total security deposit of Rs 18 crore for the deal that was registered on December 23, showed the documents accessed by ET.
Calls and text messages to Arif Fazlani of Fazlani Group that owns the property and ET’s email query to tenant Purple Style Labs remained unanswered.
The lease deal highlights the continued demand for marquee retail spaces in Mumbai’s key business districts, even as international brands reassess their physical store strategies.
Source Homevior.in
