Taj Group has retained the lease right of the iconic heritage property which housed Taj Malabar Resorts and Spa at Willingdon Island, for another 30 years.
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The Cochin Port Authority, which owns the property, will shortly finalise the tender leasing it to Taj Group, which quoted ₹1.25 crore per year as the lease amount, it is learnt. Ever since the group got the land and building on lease in 1984, Taj Malabar that is tucked away in one end of the island has hosted, among others, innumerable heads of State and royalty who visited Kochi.
The port had invited tenders early this year to lease out the property, which offered a stunning view of the harbour and the Arabian Sea. A few other corporate groups / luxury hotel giants too were in the fray to get the property on lease. With its offices being centralised, the port is expected to lease / rent out a few more such buildings and vacant lands in the island to hospitality groups and commercial entities, it is learnt.
The development comes in the wake of India’s sole full-fledged cruise terminal and convention centres being established during the past decade in the island, adding to its tourism potential. Much of the containerised cargo handling shifted to the Vallarpadam International Container Transhipment Terminal which was commissioned in 2012.