TriBeCa Highstreet NIBM, Exclusive interview with commercial head, Pre leased Property for sale Ep 1

hello official people today's consumer is spoiled for choices they want everything in one location because let's be honest from weather condition to traffic the combination is too much to bear in light of this in today's video we are going to talk about an upcoming project that offers fine dining restaurants Kohli cafes large supermarkets stores of all top brands vibrant lounges and of course ample parking space a High Street is an essential element of many towns and cities serving as a vibrant hub for local businesses shops and community life it's a place where people come together to shop socialize and experience the unique charm of a neighborhood what makes Tribeca different well that's what we are going to find out in today's video [Music] and to spice things up even more we will be joined by a guest who will shed lights on this project including what is minimum guarantee what is revenue sharing what are anchor stores and the difference between sellability and visibility of the High Street so a whole lot of fun and information is coming your way let's get started I am standing in front of an amazing project in nibm I am very excited to present this one-of-a-kind project as it moves over three lakh square feet and is going to represent the future of retail the High Street is a joint venture between trevica and Acropolis the developers of the Ark wage to the Stars Tribeca is also the largest developers of the Trump properties in the world after the Trump organization set against the gorgeous backdrop of the Ark the Tribeca High Street is a massive development that will be the mecca of all shopping entertainment and dining in Pune located on a 24 meter wide Road in one of the greatest belt of the city Tribeca High Street is the only organized retail in all of South Pune with three level of marvelous architecture that will keep families entertained for the entire week not just the weekend before we get into more details I would like to introduce a very special guest in our today's video he is commercial head for travica High Street I would like to welcome zubesh Sheikh please help us understand the entire project and also share some light on the retail and the importance of High Street retail thank you for having me on board this video Salman by you uh talking about the project it is South pune's only organized High Street retail a proper three and a half lakh square feet of a development which is actually divided in three levels so the entire team was trying to achieve something that was not done previously within South Pune you had a couple of projects that were failed in and around so when we started with the entire Vision in initially it was a mall then we came up with the idea of a High Street okay which is more independent where Brands could actually do the business freely that was the idea this was more of a gratitude to South Pune it was the need of Dr for the entire location because the closest retail destination over here is at least a 30 minute drive with eight and a half lakh people staying in and around the location this was actually needed around here it's great to hear the vision of Tribeca what I have seen mostly in my career is developers make retail from a sales point of view where they want to sell and exit what makes you different so everything about the project is extremely different uh right from the planning stage most developers as you very rightly said that plan the project from a sales point of view it should be easily sellable the real success of the project is where it should be easily leasable so when we went into that it was actually a big hurdle what we first did was the ground floor was designed from Anchor's point of view anchors create a lot of pull which is needed for any project then we have the upper ground floor of the plaza as we say which is one of India's longest walking Plaza that is where we place the smaller formats we focused on zoning and where we kept the leasing control in our hands also as a developer we took certain steps where we would not like to exit the project completely there's a major chunk of it whereas a developer vehicle still be involved keep your skin in the game yes absolutely in my experience what I have noticed is a commercial project is valued only with its occupancy the kind of companies and Brands coming in what was their strategy to get Brands and their placement when we started with the leasing initially of this project it was a little difficult because South Pune as a market was never looked from a retail point of view with every lease that we did we actually delivered a statement the plan was such where your retail actually can be divided in seven or eight major categories and then you can subdivide it so you have anchors you have food and beverage you have entertainment you have men women kids and sports so the strategy was to have cluster of brands in and around the first brand that we got and bought was Westside from Tata when we came up with West Side a lot of people then started thinking of South Pune as a market then the second brand to sign was Starbucks then we came up with chroma then we came up with McDonald's then we came up with apple and then with every brand that we started we actually delivered the statement after statement a lot of people actually told us that the ground floor would be easier to lease and the upper ground floor the plaza as we said would be difficult to lease when we started releasing the plaza Starbucks apple McDonald's talking about today we've got you name the brands and we already have them on board you also have used the natural Contour very nicely the road slanting so the ground level and the upper ground level matches very nicely very true so my ground level and the upper ground level has a direct ground floor access talking about the plaza it has 11 entry exit points the way that the entire play 1100 11 entry exit points yes and that gives an added advantage to my strategic placement of Brands there is no place where a brand comes up and says okay this is not a good location when it is on the Plaza it is one zone where you're standing at any point and all your brands are visible in a single class so a lot of positivities came along due to the Contour due to the natural way that the entire project was placed and at the actual thought process that went into planning it perfect what happens in Mars normally are there is an entry point so people get four people Brands think that this is the footfall this is the eyeball but when you say you have 11 entry and exit points so there are multiple entry and exit points for the Shoppers and also the brands to think safe about their placement very true plus what happens is that initially if you would have now retail needs a lot of thought process it does when you actually enter into the into a mall the initial two three stores is something that usually get missed out a lot of people think that the first stores are prime they actually need should fetch a higher rental but usually what happens when you it is it is about the developer also the developer is projecting them all as there is a Dropbox you will get down here and go for shopping whereas that actually is you drive into the parking lot and come somewhere in between indeed so the thought process has to go into both ways where a drop-off point should also cater to a variety of branch in and around and once you enter into the parking and then you come up through the elevator or the escalator that zone should also have a lot of Brands so when I said that you've got 11 into exit points today I don't have brands that come up and say okay this is not a good Zone I would not like to go in over here definitely definitely you talk about leasing more than selling and I know for the fact that you are not selling it to end users unless it is a very good brand why did you decide to leave first and then sell it as released so when we opened up sales in the pre-launch phase we had only opened up the ground floor anchor stores when investors came in they needed a sense of security the kind of big box anchors that we had had to be leased out first and then sold to the investors but with that we had achieved a particular Benchmark that okay people started knowing that South Pune and Tribeca High Street is capable of attracting good brands that's when we opened up markets to other investors and once an investor came in even if he did not have a unit which was pre-leased it was still sold out to the investor what we did was we actually gave them more of an assurance that we have an in-house leasing team we will lease it out to most of the investors talking about that the difference between leasing assistance and leasing guarantee is something that comes into play a lot of developers use leasing guarantee as a sales or a marketing marketing gimmick whereas what we did was we actually had an in-house leasing team which went out headhunting getting brands on board now that got us to achieve a certain minimum guarantee so the entire model in South Pune of having a minimum guarantee a revenue share was very very new a lot of investors were residential investors to get them to move from residential to commercial was the initial challenge but with the entire enthusiasm and the confidence of the team we were able to do that then we started leasing it out we were able to achieve a certain minimum guarantee and that's where the confidence of the investor started building up when we sold it out to them we actually gave them a range of what is the kind of minimum guarantee that they can expect and over and above a minimum guarantee a revenue share if it hits is something that they can expect out of it that was something for your Revenue your minimum guarantee becomes your rentals and the revenue sharing whatever you earn is your bonus is the bonus so with that model my investors actually fell in love with the entire property and we were able to sell out most of the project within no time it's very problem you have the vibe to it absolutely plus the kind the way that the entire project is designed it has never happened a brand or an investor has walked in and they've told me that they're not that they're getting a very negative price okay everybody walks in and they get a very positive I'm sure that today once you you would have walked in you it would have been the same kind of a Feeling there is an established High Street in the western part of Pune how is trabeca any different so at Tribeca High Street we focused on the proper leasing of the entire project okay we made sure the equilibrium of the retail and FNB was maintained most investors or developers out within the city they focus on getting FNB Branch now they are good football drivers the issue with that is your retail obviously commands are a higher minimum guarantee and the FNB commands a lower minimum guarantee over here we made sure that retail was at least 60 or above and we restricted FNB to not more than 40 percent retail was spread throughout the project FNB was there at zones which was concentrated that is that is why it is called High Street and not food court or food mall or anything precise it has to be a mix of everything precisely so you've got finite restaurants which are properly placed at a different location you've got qsrs that are placed at different locations you've got cafes in between which serve their purpose as Zone Breakers in between so everything is so thought through that to their 11 multiple interviews yes so when today a brand comes in every brand tells me that okay I want a front facing store but that's not how we lease it out we rather convince the brand why should the brand be at a particular location which is in the best interest of the of the investor of the brand of the developer and everybody who's involved in the entire transaction that's how the convincing goes into it and this is where we focus upon after that talk I really can't wait for the project to be operational and thank you for your support and explaining us the project it was indeed a pleasure being here pleasure so if you're looking for more details on sizes prizes and a property tour contact on the number given on the screen until then see in the next video

Channel: Upscale Properties

Views: 3,981

Keywords: Nibm, Showroom in Nibm, Salman Shaikh, Upscale properties, TriBeCa nibm, TriBeCa highstreet, Preleased property for sale in Pune, commercial property Pune, commercial real estate Pune, commercial projects in Pune, commercial property in Pune, showroom in nibm, commercial real estate pune, showroom in pune, ground floor shops pune, commercial projects in pune & pcmc, commercial projects in pune, nibm pune, pune real estate, pune, pune city, new commercial projects in pune

Id: UekTnaiRv4w

Length: 12min 35sec (755 seconds)

Published: Thu Jun 22 2023