’32nd Milestone’ — the oldest and popular food and entertainment destination in Gurugram — has been relaunched as ’32nd Avenue’ and will house 35 premium restaurants.
According to a PTI report: Realty firm Milestone Ventures has invested about Rs 25 crore to retrofit this property. It roped in property consultant CBRE South Asia as the leasing and marketing partner to reinvent the property as a specially curated high- street hotspot, offering a range of F&B (food and beverages) brands.
“We are relaunching the 32nd Milestone located on Delhi- Jaipur national highway. This will have 1.5 lakh sq ft area, apart from terrace area of 25,000 sq ft and lawn of 1.2 lakh sq ft,” CEO, Milestone Ventures, Dhruv Sharma was quoted by PTI as saying.
Asked about the rental income, he said the area had been leased at guaranteed minimum rental and revenue sharing.
The 32nd Avenue will house a total of 35 premium restaurants, of which 15 will be opened in the first phase of the development — by mid-December.
The old ’32nd Milestone’ had seven restaurants and a 50- room hotel, apart from facilities of a banquet hall.
“Building on the iconic status that 32nd Milestone has among the older generation, we look to reach out to the younger and more informed workforce present here as well and build new memories that will go the distance,” Sharma was quoted by PTI as saying.
CBRE South Asia Managing Director (Advisory & Transaction Services) Rajat Gupta said the food and beverage retail space has evolved significantly during the past few years.
The 32nd Avenue will be part of the 20-acre integrated project that has 2 million sq ft of commercial and hospitality space.
Milestone Ventures is developing an office-cum-retail complex in this 20-acre project in partnership with another realty firm Experion.