By Varun Singh

The Hong Kong and Shanghai Banking Corporation (HSBC) has put its ground plus three storey commercial building at Fort’s Veer Nariman Road in South Mumbai on sale.

An advertisement was issued by CBRE a real estate consultancy firm on Tuesday. It stated that a standalone commercial building owned by a multinational bank was for sale.

The address mentioned stated the building to be on Veer Nariman road, Fort, South Mumbai.

However, repeated attempts made to extract the name of multinational bank from people connected to the deal at CBRE remained unsuccessful.

According to realty sources the commercial building belongs to HSBC. Sources say that, this building is from where HSBC runs its Asset Management India’s offices and operations.

The building is a marquee commercial asset and part of the Art Deco building of South Mumbai. Sources also say that is has been well maintained and had been with HSBC for quite a long time.

The total land area of the building is 737 sq mts, and the built-up area is of 31,387 sq ft. The deal is expected to fetch anywhere between Rs 75-100 crore said a realty source.

It is a basement plus ground plus three upper floor structure. According to the advertisement it is a corner property with an excellent road frontage.

The building also boasts corporate ownership with clear and marketable title.

When contacted, ‘HSBC spokesperson declined to comment.’

This will be not the first time that HSBC is selling properties owned by the bank.

In 2015, HSBC sold 1.4 acres of land parcel in Worli to K Raheja Corp for Rs 230 crore.

In 2011, HSBC along with joint owner Standard Chartered had sold Bishopsgate, a residential building in Breach Candy, for Rs 272 crore to Peninsula Land.

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