ONE of Nigeria’s key players in the real estate finance and a subsidiary of FCMB Group Plc, FCMB Capital Markets Limited has revealed that the company will complete its commercial office facility known as Heritage Place in the first quarter of this year.
The Heritage Place, which is strategically located in Ikoyi, Lagos, is just minutes away from the heart of the business districts of Lagos and Victoria Islands, and also the most vibrant social venues in the city. The project, promoted by First Concept and Properties Limited, and supported by Actis, a leading private equity real estate investor in sub-Saharan Africa on completion will achieve the Leadership in Energy and Environmental Design (LEED) certification in both design and construction.
Nigeria’s commercial real estate sector is emerging as an attractive destination for investors, and increasing direct investment in the economy especially from offshore investors fuel the demand for top quality office and retail accommodation.
However, the high cost and poor quality of most commercial real estate in the country, especially in Lagos, coupled with the increasing demand for best-in-class amenities and energy efficiency has spurred the need for developers to rethink their approach and also work closely with lenders and financial institutions to make the necessary investments to meet the changing needs of the market.
Senior officials of FCMB Capital Markets disclosed that an expected new addition to the office accommodation space in Lagos that will meet the demands of the discerning 21st century user, Heritage Place is the eagerly awaited, world class and eco-friendly office complex.
FCMB Capital Markets is acting as the sole financial adviser and arranger of the US$65 million structured debt finance for this project while Actis, with its positive power of capital ethos, leading developers – Primrose Development Company (PDC) and Laurus Development Partners, to deliver the office building.
The building has been meticulously designed to provide up to 15,730 square meters of office accommodation, and over 13,000 square metres of parking space that will comfortably accommodate 350 cars. It offers great efficiency and flexibility to match the internationally recognised Grade A standards for office accommodation; the iconic design, prestigious address and bar-raising specification set a new standard for Nigeria’s architectural landscape.
Key attributes of the building include the environmental friendly approaches adopted in the construction of the complex. These include water recycling and reuse. Rain water is harvested, water is reused in the irrigation of the gardens and there is a condensate recovery of water from the buildings cooling units. Accurate control systems were placed in the bathroom facilities to reduce water wastage all through the building.
The building is also very energy efficient which will have a positive impact on its tenants bottom-line. Deliberately positioned to maximise natural light and ventilation and at the same time minimise solar exposure and the energy requirements for heating, cooling and air quality systems, the building offers its tenants a 30-40% reduction in energy use compared to that of other buildings in Lagos
Designed by award winning UK architect, Capita Symonds and ECAD, Nigeria, the Heritage Place has eight-floors of office space, each at least about 450 square meters and five-floors of on-site parking integrated into the building. It also has a reception area, meeting rooms, restaurant area, café/coffee shop, plaza, six passenger lifts, and one goods lift.
According to the Executive Director, at FCMB Capital Markets, Mr. Tolu Osinibi, the idea behind the Heritage Place was borne out of an identified significant gap in quality office space in Lagos. With its 14 floors of office space, ample car parking facility, raised floors and suspended ceilings, “the development will help to bridge that gap and proffer a solution to this very real challenge,” he said.
The company added: “We are particularly proud to be associated with this project as it aligns with our environmental sustainability principles and adopts cutting edge technology to fulfill not just today’s environmental expectations, but also that of the future.”