Christian Dior leases two units in luxury mall Jio World Plaza at Bandra Kurla Complex for a starting monthly rent of ₹21.56 lakh.
Another French multinational luxury fashion brand Christian Dior has leased two units of store space on the ground floor of the luxury mall Jio World Plaza coming up at Jio World Centre in Bandra Kurla Complex.
The luxury goods maker has leased two units 1-12 and 1-13 spanning 3,317 sq ft for a starting monthly rent of ₹21.56 lakh, according to the leave and license agreement signed between Reliance Industries Ltd and Christian Dior Trading India Pvt Ltd. The agreement registered on April 17 this year was accessed and shared by FloorTap.com, a CRE Matrix group platform for commercial properties.
While Christian Dior has comparatively leased a smaller space, Louis Vuitton leased four units spanning a carpet area of 7,365 sq ft on the ground floor in an agreement registered on August 21 this year.
According to the documents, the total chargeable area will be 3,317 sq ft and the monthly rent is based on the Minimum Monthly Guaranteed Sum or Net Revene Share, whichever is higher. Christian Dior will pay a security deposit of ₹1.39 crore and a monthly rent of ₹650 per sq ft.
The commencement date has been put down as November 25, 2022 and the lease period is for 114 months or 9.5 years till May 25, 2032. Christian Dior will enjoy a license free period of 10 months, and a lock-in period of 36 months, according to the documents.
The agreement terms also state that the rent will be escalated by 7.5% from the 19th month of operation till 42nd month and will be escalated by 15% every 36 months. The deposit will also see 15% escalation every 36 months and Common Area Maintenance charges of ₹110 per sq ft will be escalated by 5% every financial year, the documents said.
While the highest office lease deal in Bandra Kurla Compex at Maker Maxity was pegged at ₹505 per sq ft, the monthly rentals in these two retail transactions are at ₹550 per sq ft and ₹650 per sq ft in the prime central business district, industry sources said.
French luxury brand Christian Dior leases retail space at Jio World Plaza in BKC - Hindustan Times
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