The Hindu Business Line : Ampa Skywalk opens to public

The mall, apart from 3-lakh sq.ft. of retail space, will have 650-seat food court (named F3) with 19 different counters including TGI Friday, Rajdhani Thali, McDonalds, KFC and Pizza Hut.

Besides, PVR Cinemas will open a seven-screen complex, which can accommodate 1,900 people at a time, by October. A 10,000 sq.ft. gaming area and 20-room boutique hotel are also coming up. The hotel will be run by Auromatrix Hotels Pvt Ltd.

Ampa Skywalk will feature a bouquet of international and national brands.

Anchor tenants will be Westside Department store, Star India Bazaar hyper market, McDonalds and Landmark. Other retailers include Allen Solly, Reebok, Wills Lifestyle, United Colors of Benetton, Hush Puppies, Rado, Giordano, World of Titan, Naturals (unisex salon) and Hidesign.

Instead of outright sales, Ampa is leasing out the retail space. Most of them are for a six-year term on minimum guarantee lease rental fee and revenue-sharing basis. According to Mr Palaniappan, Managing Director, Ampa Housing, 92 per cent of the space has been leased out. On how the lease rental structure works, he said the retail brand will pay a minimum lease rent till such time its revenue crosses a threshold point, after which it will pay a share of revenue too.

Features

Ampa has roped in Jones Lang LaSalle Meghraj to maintain the property. The mall, built on a three-acre plot at a cost of Rs 100 crore – funded through equity (Rs 7 crore), lease rental advance, lease rental discounting and debts – boasts of a eight-level parking lot which can take 1,000 cars and 1,000 two-wheelers.

The company plans to hive off the mall into a separate entity over a period. It expects to break even in 24 months. “And, in nine years from now, we will be able to repay our debts,” he said.