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Our Bureau

Chennai, Nov. 4 Citibank is selling 25,171 sq ft of built-up office space at Spencer Plaza phase II, a prime commercial and retail mall, on Anna Salai, Chennai.

CB Richard Ellis South Asia (P) Ltd, international property consultants, which is handling the sale through auction, has advertised for the property. The reserve price has been fixed at Rs 6,250 a sq ft, taking the price for the property to Rs 15.73 crore. The space, spread over the ground, first and second floors of Spencer Plaza, includes a car park for 20 cars.

CB Richard Ellis hopes to conclude the deal within the next 45 days.

According to those in the know, the property is bound to attract keen interest among the corporate segment that is starved for quality office space within Chennai. In recent years there has been a boom in IT office space and non-IT office space development has largely been neglected. This is driving up rentals for non-IT office space within the city.

There is intense demand for grade-A office space in the commercial business districts in Chennai and none are available. Companies seem to be settling for large apartments that are converted to office space.

As of now, there is no space available at Spencer Plaza and the entry of this large chunk of property is bound to evoke keen interest, say market watchers.

Citi bought the property in the mid-1990s and subsequently moved out after it developed its own exclusive property on Anna Salai.

Spencer Plaza has been developed by Mangal Tirth Estate Ltd, a property development company floated to develop the plaza in an agreement with Spencer and Co Ltd. Spencer Plaza is over 15 years old and has over 10 lakh square feet of shopping and office space.

More Stories on : Foreign Banks | Real Estate & Construction | Tamil Nadu

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