MUMBAI: 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, said two people familiar with the development.

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.

Experts said the building has been managed and we’ll maintained by HSBC, which has been the single owner and occupier of the property. The bank holds a 999-year lease for the plot on which the building stands.

According to the people cited earlier, after a deal is struck, some of the departments and operations will be shifted to the nearby bank headquarters on Fort’s MG Road and some functions are expected to be moved to suburban offices.

“The bank is looking to conclude the sale of this building by the end this year and the deal is expected to fetch approximately Rs 100 crore,” one of the persons said.

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.

HSBC’s spokesperson and transaction advisor CBRE South Asia declined to comment.

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.

In 2015, HSBC had sold its land parcel spread over 1.4 acres next to Doordarshan Tower in Mumbai’s Worli locality to K Raheja Corp for Rs 230 crore.

In 2011, the bank, along with joint owner Standard Chartered, had sold Bishopsgate, a residential building in upscale Breach Candy, for Rs 272 crore to Peninsula Land, an Ashok Piramal Group company.



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