Bollywood actor Amitabh Bachchan has leased out four of his office properties spanning an entire floor in a commercial tower in Oshiwara locality of Mumbai’s Andheri suburb to music entertainment company Warner Music India through a long-term agreement for a total tenure of five years.
The tenant will be paying total rentals of over Rs 11 crore through the entire lease tenure. The lease will be operative starting from March 2024. ET had reported in September that Bachchan bought these four offices totalling over 12,000 sq ft built up and 10,800 sq ft carpet area for nearly Rs 29 crore.
The tenant will be paying monthly rentals of Rs 170 per sq ft for the first three years and the lease agreement includes a clause to escalate rentals by 15% thereafter for the next two years taking it to Rs 195.50 per sq ft per month.
The newly developed project has already received its occupation certificate in June and the developer has handed over the possession of these offices to Bachchan in September.
As part of the lease agreement, the tenant will also get exclusive access to a total 12 car parking slots in the tower. Of these, four parking slots will be premium car parking spaces for high-end luxury SUVs.
Warner Music India, as the tenant of the property, will have a lock-in period of initial three years, while Bachchan’s lock-in period spans across the entire tenure of the lease. The company has paid an upfront security deposit of Rs 1.03 crore at the time of registration of the transaction that took place on December8.