LandCraft Retail has reportedly secured a lease for a commercial property situated on Mumbai’s Linking Road, owned by Bollywood actor Salman Khan, to establish a fresh gourmet store.
According to a report by ET, the monthly rental for the new venture, Food Square, amounts to Rs 1 crore, marking a transition from the previous occupant, Food Hall, which was under the ownership of the financially-troubled Future Group.
Reportedly, Food Square has established partnerships with Versace for its cutlery collection, Entisi Chocolate for live stations, and Oliveology for the provision of Italian cuisine.
According to reports, Salman Khan acquired the property on Linking Road, Santacruz West, Mumbai, in 2012 for approximately Rs. 120 crores, with the intention of utilising it for commercial endeavors. Subsequently, in July 2017, he leased it to Food Hall.
In April, the National Company Law Appellate Tribunal (NCLAT) had refused to restrain Salman Khan from terminating the lease of this 27,650 sqft commercial property.
The order was passed while hearing a plea moved by Koinonia Coffee Pvt Ltd, which runs coffee shops at Food Hall stores.
The coffee company had approached the appellate tribunal as Salman Khan was seeking to terminate the lease agreement with effect from April 30, 2023.
Meanwhile, in March 2023, Salman Khan sought to terminate the agreement and take back possession of his property. The lawyer argued that despite requesting NCLT to pass orders in the case time and again, the tribunal refused to do so. Hence they approached NCLAT.
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