After receiving a planning consent for development of a seven-storey residential apartment of 14,203 square feet comprising 14 apartments, the company has now decided to put the property on the block.

This consent was origianlly obtained in 1989 and the renewal fee has been paid ensuring that this is still valid. This area could increase by up to 15 per cent since the FSI regulations have changed since the consent was originally issued.

The asking price for the property is in excess of Rs 11.5 crore, which works out to a little more than Rs 10,000 per square foot. The property has the required consent under Development Control Regulation for use as commercial premise as well.

The company also confirms that thisproperty available with vacant possession and free from all encumbrances. International property consultants Chesterton Megharaj is scouting around for a prospective buyer for the property.

The title verification for the property has been prepared by Crawford Bailey including legal documentation, copy of planning consent and floor plans.The company, according to sources, has taken a firm decision not to be saddled with real-estate assets and wants to decrease a large number of such assets as when the right buyer comes along.

The Colaba premises were occupied by Afga Photofilms for the last 25 years. It was just two months back that the company got possession of this property.

Sources close to the company says: "It was a matter of jubiliation that Cadbury was able to get vacant possession of such a large area in South Mumbai."

This property was originally constructed by Cabdury in the 1940. The strategic position of the building makes it possible to be used both as a commercial and residential areathat benefits from good access to South Mumbai and the main business district of Nariman Point.