Failing to find a buyer for its entire office building in suburban Mumbai for Rs 315 crore over the last six months, Standard Chartered Bank is now offering the option of partial sale on a floor-wise basis to woo buyers.
The building is located on a plot measuring 76,279 square feet in Goregaon East.
As part of the tweaked deal, the London headquartered bank is offering a minimum space of about 20,000 square feet available on a single floor in the six-storey building.
This option has been added along with the earlier option of buying the entire building comprising a saleable area of 215,447 square feet valued at Rs 14,620 per square feet.
Apart from seven floors, the building deal includes two basement levels, independent club house and the underlying land. It is to be sold on an as-is-where-is-basis along with furniture, fittings and equipment.
The deal is part of the foreign bank’s consolidation efforts to relocate excess staff to its other large offices in Fort and BKC area of Mumbai.
According to sources in the know, the bank is looking at three months to conclude the deal on an open private treaty and negotiated basis.
There will be no bid process followed by the bank which is listed on the domestic bourses through an Indian Depository Receipt. When contacted the bank spokesperson declined to comment. According to industry experts, though the building’s market value is about Rs 250-275 crore, opening up the partial sale option on floor basis will make it easier for the bank to find takers and close the deal.