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India's first shopping mall-cum-coworking facility, housing some of the niche retail brands, is expected to be launched in Pune in mid-October, according to Anarock Retail.
Situated adjacent to the Pune Airport, the AeroMall, being developed by Pebbles Infra-Tech under the PPP model with AAI, is spread over 4,45,000 sq ft, including 1,30,000 sq ft of leasable space for retail.
As sole advisors to the facility, Anarock Retail has designed the complex, managed its development, and crafted its tenant mix, Anarock Retail, the retail services division of the home-grown real estate consultant Anarock, said.
The post-pandemic revival in air travel has brought airport retail back centre-stage. However, there continues to be a deficit of quality retail spaces at Indian airports for the best-suited retailers dealing in apparel and fashion, wellness, electronics and travel accessories, F&B, and beauty products, the company said.
Airport retail is attractive for retailers due to the relatively higher ROI compared to other locations. However, a well-researched tenant mix is critical in airports, it said.
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Stating that AeroMall is set to be launched on October 15, Anarock Retail said it expects to complete leasing out Pune Airport's standalone mixed-use centre encompassing shopping, office and coworking, a food court and multi-level car park (MLCP), spread in 2,50.000 sq ft, by the end of the third quarter of 2022.
The entire third floor, measuring 65,000 sq ft, of the facility is dedicated to coworking/office spaces which will cater to approximately 2,000 working professionals at a time, it said.
"AeroMall is being developed under the PPP model with AAI, with development being carried out by Pebbles Infra-Tech Pvt Ltd. Given the shopper profile, the retail spaces are ideally suited for tenants such as high-end electronics, apparel, and F&B outlets and we are tenanting them accordingly," said Mayank Sharan, Director at Anarock Retail.
Pune Airport is a civil enclave operated by the Airports Authority of India alongside the Lohegaon Air Force Station, catering to both domestic and international passengers.
Passenger traffic at Pune Airport surged 73.4 per cent year-on-year to 37.13 lakh in the previous fiscal. The airport had handled a total of 21.37 lakh in FY21, according to AAI website.
A new integrated terminal building at Pune airport with a capacity to handle up to 7-million passengers per annum, is being constructed at an investment of Rs 457 crore by the AAI.
"Some of the brands already confirmed to take up space are Croma, McDonalds, Starbucks, Spykar, Zudio, and cosmetics brands Sugar and Forest Essentials," said Sharan, adding, "discussions are also on with other high-recall anchors like Decathlon.
Given the unique location, the remaining spaces are being snapped up by other retailers, he added.
According to Anarock Retail, usually, airport retail space sizes are directly correlated to the retail category and can range from 500-5000 sq. ft.
As an independent development, AeroMall is unique because it eliminates the usual restrictions of airport retail and gives retailers a full-fledged shopping mall environment, it said.
"What makes this mixed-use complex at Pune Airport unique is that it will serve passengers and is also an independent retail and coworking destination," said Sunil Nahar, Director at Pebbles Infra-Tech Pvt. Ltd.
The addition of coworking spaces in the commercial office spaces responds to a very contemporary need. Coworking gained prominence during the pandemic, but its inclusion in the complex is also a function of the location profile, he said.
Remote and hybrid working air travellers are an obvious customer source but these high-end coworking spaces will also be a major draw for working professionals from the nearby areas, Nahar stated.
The company also said Pebbles Infra-Tech and Anarock Retail are concluding discussions with leading coworking operators to finalise one which will operate the coworking centre beginning mid-October.
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