Aerial view of Victoria Island in Lagos
Signs of recovery in the nation’s real estate have continued with the increased development and supply in Grade A office space, after contending with a fall in demand for almost two years.
Developers of Grade A office space are now experiencing growing confidence leading to increased supply in anticipated boom.This growing confidence resonated last week with developers promising to deliver the N5.9 billion iconic 12-floor Cornerstone tower office project, termed: “the Centre of Opportunities”, in March next year. The structure sits on 12,040 square metres across eight levels of office spaces.
A joint venture between African Capital Alliance and Cornerstone Insurance Plc, the proposed green building is expected to be one of Nigeria’s most advanced developments, employing high technical specifications for installed building services, security and state of the art finishes.
Principal, Capital Alliance Nigeria, Mr. Obi Nwogugu, who spoke at a topping out ceremony, stressed that the milestone demonstrated the company’s confidence even in economic downturn.
Mr. Nwogugu, represented by Mr. Osita Okonkwo, promised that the building would be one of the best in town. He disclosed that about 20 per cent of the available office space has been rented out to tenants.
For the project manager, CPMS Limited, Mr. Richard Arobadi, said the magnificent project started in February 2015 and reached the current feat in 80 weeks due to the commitment by the team of consultants and professionals .
The project Consultant, Roti Delano of the Delano Architects, said the Grade A office building has ultra-modern onsite parking slots of 203 cars.The office space is designed with high efficiency and flexibility, and are built with raised floors and suspended ceilings with impressive natural lighting and ventilated spaces, allowing for modular spaces ranging from 200 square meters up to 1,400 square meters on each floor.
The complex will also provide convenient private and public transport access with direct links into Lekki, Ikoyi and the Lagos Mainland.According to him, it is an edge certified green building with automated controls and building management system.
Handled by BCL Limited as building contractor, consultants to the project include CPMS Limited (Project Managers), Delano Architects (Architects), Arup (Civil and Structural Engineers), UNECON Associates Limited (Mechanical and Electrical Engineers), BQC Consultants Limited (Quantity Surveyors) and Mar and Mor, (Mechanical, Electrical and Plumbing Services contractors).
