REAL ESTATE: N8bn 15 - Floors Plaza comes to Lagos

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Source: The Guardian

Following recent projections by analysts that property markets in Nigeria and other African countries are showing signs of reliability and offering huge opportunities for investors, one of Nigeria’s front line real estate development firm, Credo Property Development Company Limited last week unveiled plans to transform a prime site in the heart of Victoria Island, Lagos into a high-rise commercial facility.

Estimated to cost N8 billion, the proposed 15-floors multipurpose project, named Princes Plaza will be located at Plot 4-5 Ligali Ayorinde Street, opposite Ajose Adeogun Street. The promoters plan to kick-start the actual construction works in three months time.

Coming as a major stride towards stepping up the nation’s construction activities and domesticating green building as well as smart building technologies, the project, according to senior officials of Credo has proved reality due to predictions that Lagos property market would continue to be a major attractions for prospective investors in terms of rental returns and track records of appreciation for property.

In fact, the choice to develop the high-rise commercial facility is predicated upon an assessment by the real estate analysts also states that Africa, indeed Nigeria is brimming with “undiscovered real estate gems” and has begun to intercept opportunistic capital earmarked for China, Brazil and India.

Specifically, as the firm proposed the project to a few financial institutions, First Bank Nigeria Plc was the first to jump at the deal and recently wrote a letter of commitment to the promoters for the provision of loan facility to facilitate the development of the contemporary office complex, to fund the project cost to about 70 per cent.

The Guardian gathered that more investors, especially multi-national firms and financial institutions are still knocking on the doors of the developers for the remaining 30 per cent stake in the multi-billion project. Director, Credo Property Development Company Limited, Prince Lagun Adesanya confirmed the development. He disclosed that the firm is interested in sealing a deal with investors and organisations that would lease the property on completion.

Already, soil test has been concluded by Trevi Foundations on the 5,292.99 square metres site, and there is likelihood for the firm to clinch the foundation contract while tender documents are been fine-tuned by consultants for the invitation of pre-qualified civil and engineering companies to bid for the contractor job.

Feelers also indicate that four major contractors are being listed for tendering process. They include Messrs Cappa D’ Alberto Nigeria Plc and DTV Construction Company Limited.  The project completion is expected to take between 18- 24 months.

Designed by Messrs Ama Design, the structure will decorate with first class finish and boost of built up area of 30,579 square metres and lettable office space of about 20,416 square metres. It also comes with a heliport facility. About 237 cars parking spaces are being provided. Other consultants include I.A.A.  Associates (structural engineers), CEP Limited (quantity surveyors)
and united States-based Femi Talabi and Associates as Mechanical and electrical engineers

Prince Adesanya disclosed that the building would be equipped with alternative energy such as solar system, which will be complemented with generators, water hydrant and a mix of marble and tiles in the interior aspect of the structure.
He also said that all the floors would be lettable, each floor with provision for maintenance