 "After Peddar Road deal, Cadbury is relocating Mumbai HQ to Lower Parel")
Cadbury India will relocate its Mumbai Headquarters to central Mumbai’s Lower Parel following the conclusion of its sale of Cadbury House on Peddar Road to a diamond trader for close to Rs 350 crore.
According to a report in the Economic Times,Cadbury has picked up 1 lakh sq ft office space spread over four floors at Indiabulls Finance Center on a 9-year lease. The deal is believed to be concluded at rental of around 125 per sq ft a month and a reset clause after every three years.
[caption id=“attachment_1239497” align=“alignleft” width=“380”]
 In the biggest real estate deal for self consumption, Mumbai based Dilip Lakhi has bought Cadbury House for Rs 350 crore
Read more at: http://www.moneycontrol.com/news/cnbc-tv18-comments/diamond-trader-dilip-lakhi-buys-cadbury-house-for-rs-350cr_993301.html?utm_source=ref_article[/caption]
Currently, Cadbury has offices at Lower Parel, Powai and a factory at Thane.
Given the company’s growth in the last few years there had been an exponential increase in the number of new employees to 500 from 300 at the end of 2010 leading the company to look for a new location.
The ET report further said that Cadbury India is planning to shift only its staff at headquarters to the new office and will be looking at gradual consolidation of workforce over the long term.
Impact Shorts
More ShortsCadbury’s decision to relocate is in line with the trend set by many corporations seeking to monetize their assets and relocate to the suburbs.
Read the full ET report here.
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