Phoenix is likely to do a soft opening of Palladium, its high-end luxury mall, today at High Street Phoenix (HSP), Mumbai, and make it fully operational within one month. ‘Palladium covers a leasable retail space of 325,000 sq ft with B+G+3 floor levels. Landmark, the mall’s anchor client, will cover ~40,000 sq ft in the basement while the ground plus three levels will be retail space.
Phoenix expects blended lease rentals of Rs 220 per month from Palladium. In this soft launch, 75-80% of the area (excluding ground floor) has been leased out at ~Rs 185 per sq ft. The company expects to generate higher rental rates for its ground floor by leveraging on the mall’s location. We expect the mall’s occupancy level to cross 95% once it becomes fully operational.