32nd Avenue, a popular food and entertainment complex located along the Gurgaon-Jaipur highway, is getting back in a new avatar, with high street F&B sections while offering pre-leased commercial spaces for sale in Gurgaon.
Among all experiences and attractions that 32nd Avenue offer, there's one escapade that stands out from the rest. "The Galleries". Certainly, It is the best commercial property to invest in Gurgaon right now.
Milestone Ventures has invested about Rs 25 crore to retrofit this commercial property. It roped in property consultant CBRE South Asia as the leasing as well as a marketing partner to reinvent the property as a specially curated high-street hotspot, offering a range of F&B (food and beverages) & luxurious brands.
"Building on the iconic status that 32nd Milestone has among the older generation, we look to reach out to the younger and more informed workforce present here as well and build new memories that will go the distance," quoted to Economic Times by Dhruv Sharma, CEO, Milestone Ventures.
Located on Delhi - Jaipur national highway. 32nd Avenue has a 2.4 lac sq. ft. area, out of which, "The Galleries" cover 40,000 sq. ft. area. Sharply zeroing on providing a virtuoso experience, which you will only get in a high-end place, filled with luxury brands in an "Avenue" located somewhere in LA or Manhattan. Moreover, the mixology of "gourmet" with "luxurious" shopping experience is expected to be the most unique & one of a kind trial to hit the Indian commercial market.
After massive re-development of this quintessential, old-school hangout joint from our school days. Mr. Dhruv Sharma has opened doors to investors for partaking in the growth of this market and offering "Fixed" rental income in-return. Let's get into the specification now, shall we?
The Galleries is a 40,000 square feet experiential boutique retail hub. Hosted by a 30’ pillarless structure, an avenue is a place for upper-class brands like Rolex, Gucci, Armani, Hugo Boss, Yves Saint Laurent, Prada, Swarovski, in addition to the other 38 units which have been already pre-leased to more ostentatious and opulent brands. Also, let's not forget that It has already introduced international brands like The Piano Man, Greenr, and Carnatic Cafe to Gurgaon and NCR.
Ideated with the same visual concepts as 32nd Avenue, the Galleries also celebrates the Aqua Theme founding elements like water, concrete, brass, brick, stone, along with wrought iron, that blends their simplicities into a classic and modern American architectural style.
In addition to the above, the soothing sound of the waterfall will touch your soul and moves you to the different dimensions of Peace & happiness. It aims to inspire a high-street shopping experience, the Galleries perfectly complements the traditional look of 32nd Avenue.
1. Firstly, the location and the catchments of this place. Well-timed and favorable that anyone can reach 32nd Avenue, & everything, from Metro stations to major hospitals like Max, Fortis, etc. is only 15 - 30 mins away, depending on the traffic.
2. Secondly, the framework and beautification of "The Galleries" is provided by the architectural metalwork department of Andy Thornton. The team designed the entrance canopy at London’s The Rubens at the Palace.
3. The Galleries is for the consumer who understands food and beverages and aspires to have those international vacations. The spending capacity of such a crowd is far more than an average middle-class person.
4. 32nd Avenue is a part of 32nd Village which is spanning across 24-acre development. It has offices, retail space, community activity centres, and a convention centre that can house more than 2,500 people.
5. This property aims to create an experience of a Khan Market in Gurgaon, and this kind of concept is well-received by people living in Gurgaon and NCR.
6. Also, You will be a proud owner of stores that are pre-leased by brands like Supreme, Swarovski, etc.
7. The pricing starts from 2.68Cr. If we compare the kind of product which we're getting and the kind of revenue that product makes, The starting price of the investment is very low. Also, the value of any purchased commercial store on 32nd Avenue will increase with time.
8. The 30 years lease period will ensure that you will have financial stability even after your retirement. Hence, investing in The galleries right now will give you fruitful returns in the future.
9. The property ranges from 2.68Cr to 3.00Cr. Depending on which floor you decide to invest on. The minimal PLC rate of 10% is the lowest in the market so far! Which makes this very easy to invest in commercial property in the market.
10. Assured returns from this commercial property ranges from 1 Lac to 3 Lac, roughly. Depending on the locational advantages your store has, how rapidly its value grows in the market, and so forth.
Above all, 32nd Avenue is a community space that has attracted the best in class brands. So what you have here is not a big transaction space. Again, you don’t come here to have KFC or buy a quick medicine in the eve only, you come here to wander 120,000 square feet lounge, you come here to join an event on the 25,000 square feet roof deck of an infinity pool, you come here to join the community event on the lower ground floor of the garage.
Furthermore, it is a one-of-a-kind community space for Gurgaon and most likely Delhi as well. Hopefully, "The Galleries" will be able to provide the experience which we can fathom out of the bits of details which has been shared with us by Milestone Ventures and its major channel partner, Geetanjali Homestate Private Limited.