Spaze Platinum Tower Office for Sale, Sector 47 Gurgaon

Spaze Platinum Tower is a finished office and retail building of about 3.73 lakh sq ft on Sohna Road, in Malibu Town, Sector 47, Gurugram. Spaze Group built it and completed it in 2013; floors are about 31,106 sq ft, and tenants include Avery Dennison, Atos, Everest Group and two bank branches. The row this page replaces named "ABW and Spaze Group" as the developer, which confuses it with ABW Tower on MG Road, and printed a band of about Rs 9,000 to Rs 12,000 per sq ft. One unit page folding into it carried a minimum of Rs 3.5 lakh, which cannot be the price of any office anywhere.

The priced asks found here are let units at Rs 13,000 to Rs 19,200 per sq ft, and offices let at Rs 50 to Rs 65 a month. The one lease whose price and rent are both known yields exactly the 6 per cent it claims.

What sellers ask, divided by the area

• A 7,300 sq ft furnished office let at Rs 4,74,500 a month on a nine-year lease with a three-year lock-in, 15 per cent step-ups every three years and a six-month deposit, at Rs 9.49 crore: Rs 9,49,00,000 over 7,300 is Rs 13,000 per sq ft, as printed.
• About 2,050 sq ft let on a nine-year lease at Rs 19,200 per sq ft: 2,050 times Rs 19,200 is Rs 3.94 crore, as printed. The rent is not published.
• Broker pages quote vacant offices from about Rs 8,500 per sq ft and small units from about Rs 49 lakh. Neither figure could be tied to one listing, so treat them as the floor to test, not a price.

So a let office here trades at about Rs 13,000 on a market rent, and more where the lease is richer. The Rs 19,200 unit is asking half as much again as the Rs 13,000 one; without its rent there is no way to tell whether the lease justifies it, and the first question to ask is what it pays.

The one-unit page that now folds into this one

This site carried a separate page for a pre-rented office in Spaze Platinum Tower, with no size, a call-for-price label, a new-launch status and a hidden minimum of Rs 3.5 lakh. It now folds into this page.

Rs 3.5 lakh would not buy 30 sq ft here. The figure is a typing error, most likely a crore amount entered in lakh. Without a size or a tenant the unit cannot be priced; ask for both.

The rent, and the yield it produces

Offices let at about Rs 50 to Rs 65 per sq ft a month: a 911 sq ft furnished office at Rs 45,000, about Rs 49; a 20,000 sq ft floor and a 700 sq ft bare-shell unit at Rs 60 plus maintenance; another listing at Rs 55; and the 7,300 sq ft let unit at about Rs 65. No maintenance rate is published.

Now divide. The 7,300 sq ft unit earns Rs 56.94 lakh a year: 6.0 per cent on Rs 9.49 crore, which is what the listing says. At a Rs 60 rent, an office bought at Rs 13,000 yields 5.5 per cent; one bought at Rs 8,500, if that floor exists, would yield 8.5 per cent. So the building's yield runs about 5.5 to 6 per cent on the let units that are priced, higher on a cheap vacant unit a buyer then lets.

How it compares on Sohna Road

JMD Megapolis in Sector 48 asks about Rs 10,100 to Rs 12,000 per sq ft and lets at Rs 50 to Rs 65 for about 7 per cent. Spaze iTech Park in Sector 49, the same developer's IT park, asks about Rs 8,000 to Rs 13,000 for about 7 per cent. Platinum Tower's Rs 13,000 let price at 6 per cent sits at the top of that range, and the Rs 19,200 unit well above it. The road's offices are on the Sohna Road office page. For the building its old page confused it with, see ABW Tower on MG Road.

Registration and title

Completed in 2013, four years before Haryana began registering projects, so no RERA number applies; one aggregator's possession date of 2021 conflicts with every other source. A purchase rests on the registered conveyance deed, the occupation certificate and the lease in place. Spaze publishes the building and its brochure on its own site.

Who this suits, and who should look elsewhere

A let unit suits an investor who wants a multinational or bank tenant on Sohna Road at about 6 per cent with step-ups. A vacant unit bought near the lower end and let at Rs 60 suits an investor who can carry the empty months for a yield nearer 8. It does not suit a buyer who needs a metro station, which is about 6.9 km away, or one who pays Rs 19,200 without seeing the lease. More let stock is on the pre-leased property page.

Before you pay anything

1. The floor and unit, and the super area.
2. The lease: tenant, rent, start date, lock-in, deposit and step-ups.
3. The arithmetic: rent times twelve over price, against about 6 per cent.
4. Maintenance: the rate and who pays it.
5. The title: the conveyance deed, the occupation certificate and a charge search.

Frequently asked questions

What is the price of office space in Spaze Platinum Tower?

The two priced asks found are let units: 7,300 sq ft at Rs 9.49 crore, Rs 13,000 per sq ft, and about 2,050 sq ft at Rs 19,200 per sq ft, Rs 3.94 crore. Broker pages quote vacant offices from about Rs 8,500 per sq ft and small units from about Rs 49 lakh, but those could not be tied to a single listing.

What rent does an office in Spaze Platinum Tower earn?

About Rs 50 to Rs 65 per sq ft a month. A 911 sq ft furnished office asks Rs 45,000, about Rs 49; larger floors and bare-shell units ask Rs 55 to Rs 60 plus maintenance; and the 7,300 sq ft let unit pays about Rs 65. No maintenance rate is published.

What is the rental yield on a pre-leased office in Spaze Platinum Tower?

About 6 per cent on the priced lease: Rs 4,74,500 a month on 7,300 sq ft is Rs 56.94 lakh a year on Rs 9.49 crore, exactly what the listing prints. At a Rs 60 rent, an office bought at Rs 13,000 yields about 5.5 per cent, and one bought at Rs 8,500 about 8.5 per cent.

Who built Spaze Platinum Tower, and is it related to ABW Tower?

Spaze Group built it through Spaze Towers, and publishes it on its own site. It has nothing to do with ABW Tower, a different office building at IFFCO Chowk on MG Road; this site's old page named both developers, which was wrong.

When was Spaze Platinum Tower completed, and how big is it?

In 2013. It is about 3.73 lakh sq ft built up, with floors of about 31,106 sq ft, described as ground plus 10 over three basements on one listing and 13 floors on others, with about 498 units and parking for over 300 cars on about 3.4 acres. It is pre-RERA.

Which companies are in Spaze Platinum Tower?

Tenants on the listings include Avery Dennison, Atos, KCI Medical, Everest Group, HDFC Bank, IDFC First Bank and Barbeque Nation. Banks and a restaurant at the base, offices above.

Where is Spaze Platinum Tower, and how far is the metro?

In Malibu Town, Sector 47, on the main Gurgaon-Sohna Road. Millennium City Centre, the old HUDA City Centre, is about 6.9 km away, so this is a road-served building rather than a metro one.