Bangalore has a metropolitan population of 7.2 million and is considered the fashion capital of the East. Garuda Mall is a five level centre anchored by two department stores, Marks & Spencer and Shoppers Stop, and has over 100 specialty shops, plus a large food court, restaurant precinct and cinemas. In addition a new four-star business hotel is currently under construction on the site.
Guy Wynn, WT Retail India Managing Director (and former Managing Director of Pelorus
Property Group) said “The timing of the appointment is ideal as Garuda Mall is nearly three years old. The practice in India is for three year lease terms so most of the Mall’s leases expire in June. As a consequence we have the opportunity to reposition the Mall to better meet the retail demand generated by Bangalore’s high disposable incomes”. Bangalore has a literacy rate above 85% and is known for its IT, science and medical graduates.
“Garuda Mall is a high profile and successful mall in India. This appointment will help us to build our profile among the close knit Indian developers,” said Mr Wynn. “There are a number of businesses in India that have become real estate developers by virtue of land holdings acquired for other business purposes, particularly manufacturing. Many of these landowners recognise the potential of the property holdings but have yet to build the in-house skills to achieve the best from these development opportunities. This is particularly true in retail property and presents us with a great business opportunity.”
WT Retail India is in discussions with other potential clients in Bangalore and is also discussing potential assignments in Chennai, Mumbai and Hyderabad. The joint venture was formed to offer shopping centre management and retail planning to the burgeoning mall development industry in India. Assetz Property is a Bangalore based development management company headed up by former Lend Lease executive Ben Salmon.