In the largest ever space transaction by any international retailer on high streets across the country, Spanish fashion chain Zara has picked up 50,000 sq ft carpet space in South Mumbai’s most prime location of Flora Fountain, said two persons familiar with the development.
The world’s biggest fashion retailer has leased the space on the ground floor of Ismail Building diagonally opposite HSBC’s India head office located in Fort.
The retailer will be paying an astronomical a annual rent of Rs 30 crore and the lease will run for tenure of minimum 15 years with a five-year lock in. “The transaction has been inked and Zara will start working on its interiors in the next couple of weeks. Monthly rent for the same Rs 2.5 crore,” said one has been set at of the persons mentioned above. “The brand was looking for an apt location with blend of vintage and contemporary outlook and Flora Fountain fit the bill perfectly .”
(Source: Economic Times )