The Hindu Business Line : Express Avenue launch likely by year-end

“Close to 60 per cent of the retail space has already been leased out for six to nine-year term, and we are hoping to launch the Phase I by the end of this year,” said Mr Kim Culley, Head, Mall Operations, Express Infrastructure.

The over 12-lakh sq. ft complex will have a total of nine lakh sq. ft retail space, two-lakh sq. ft office space and a 60-70 room hotel at a built-up area of over one lakh sq. ft.

The promoter of the project, Express Newspaper Pvt Ltd, has invested close to Rs 400 crore in the project – “funded through internal accruals and debt”.

The “destination mall” will also feature an eight-screen multiplex, likely to be run by Sathyam Cinema group, a 40,000-sq. ft theme-based food court, parking facility for 1,700 cars, 14 lifts, eight escalators and a travelator.

According to people in the know, a Future Group’s retail brand will run a hyper market. Marks & Spencer and Dubai-based Landmark group’s LifeStyle will also be anchor stores.

Sources also said the lease rental is fixed at Rs 200 a sq. ft, and the mall will be maintained by the company itself.

Neither denying nor confirming any of this, Mr Culley said, “Majority of the country’s major retail brands will be there”.