HSBC Puts Iconic South Mumbai Building Up For Sale

Multinational bank the Hong Kong and Shanghai Banking Corporation (HSBC) has put on the block its independent commercial building at Fort’s Horniman Circle in south Mumbai. The three-storey, neoclassical art deco building near the bank’s India headquarters houses the offices of HSBC Asset Management. It is among the few iconic colonial era buildings that are still in fine condition. The bank holds a 999-year lease for the plot on which the building stands. The bank is reportedly looking to conclude the sale of this building by the end this year and the deal is expected to fetch approximately Rs 100 crore. There is no set reserve price for the bids invited. The proposed transaction assumes significance as South Mumbai has not witnessed a large independent commercial building sale on an outright basis for a long time. The building stands on a quarter-of-an-acre plot and has a built-up area of 32,000 sq ft. The structure has a basement, too.