Hindustan Unilever (HUL) has put prime land in Whitefield on the block.An independent plot measuring 9 acres and 12 guntas located near Hindustan Unilever Research Centre (HULRC) on Whitefield Main Road is for sale along with the factory shed and office building on it,totaling a built-up area of over 70,000 sft.
As part of normal business process,we continuously review our assets including real estate to unlock business value from idle assets, said an HUL spokesperson.
Real estate consultants Cushman & Wakefield has won the mandate for the deal and has set a minimum bid price of Rs 9 crore per acre or Rs 2,066 per sft,which translates to a total value of Rs 84 crore for the land,said sources privy to the development.
Attempts to contact Cushman & Wakefield to confirm this proved futile.More than 40 companies are said to have made enquiries about the property on Tuesday.
Capital values in Whitefield rose significantly in the years immediately preceding 2008,but has since been moderate.The capital value appreciation in Whitefield has been 10%-12 % in the last one year,in line with the inflationary trend.There is good absorption of Grade A office space in the area, said Avinash Rao,regional director-south at real state consultancy Knight Frank India.
Sanjay Dutt,CEO-business at real estate consultancy Jones Lang LaSalle India,said that 5-6 years ago,HUL identified a portfolio of surplus assets that were not a strategic fit.They are now unlocking value by offloading such assets and ploughing money back into the business, he said.
HUL has also been planning to redevelop its landmark Brookefields property in Whitefield.The plan has been to co-develop the 26.5-acre property into an IT SEZ,and it had called for bids.We have received SEZ approval for this site and are now evaluating alternative options to proceed further, said the HUL spokesperson.
UNLOCKING VALUE
The independent plot measures 9 acres and 12 guntas on Whitefield Main Road.It also has a total built-up area of over 70,000 sft Over 40 companies are said to have made enquiries about the property Cushman & Wakefield has won the mandate for the deal and has set a minimum bid price of Rs 9 crore per acre
As part of normal business process,we continuously review our assets including real estate to unlock business value from idle assets, said an HUL spokesperson.
Real estate consultants Cushman & Wakefield has won the mandate for the deal and has set a minimum bid price of Rs 9 crore per acre or Rs 2,066 per sft,which translates to a total value of Rs 84 crore for the land,said sources privy to the development.
Attempts to contact Cushman & Wakefield to confirm this proved futile.More than 40 companies are said to have made enquiries about the property on Tuesday.
Capital values in Whitefield rose significantly in the years immediately preceding 2008,but has since been moderate.The capital value appreciation in Whitefield has been 10%-12 % in the last one year,in line with the inflationary trend.There is good absorption of Grade A office space in the area, said Avinash Rao,regional director-south at real state consultancy Knight Frank India.
Sanjay Dutt,CEO-business at real estate consultancy Jones Lang LaSalle India,said that 5-6 years ago,HUL identified a portfolio of surplus assets that were not a strategic fit.They are now unlocking value by offloading such assets and ploughing money back into the business, he said.
HUL has also been planning to redevelop its landmark Brookefields property in Whitefield.The plan has been to co-develop the 26.5-acre property into an IT SEZ,and it had called for bids.We have received SEZ approval for this site and are now evaluating alternative options to proceed further, said the HUL spokesperson.
UNLOCKING VALUE
The independent plot measures 9 acres and 12 guntas on Whitefield Main Road.It also has a total built-up area of over 70,000 sft Over 40 companies are said to have made enquiries about the property Cushman & Wakefield has won the mandate for the deal and has set a minimum bid price of Rs 9 crore per acre
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