Hopefully by the last quarter of 2015, Nigeria’s first green building will hit its burgeoning property market, holding promise of 20 percent reduction in energy cost for tenants.
Known as Heritage Place, Actis, a private equity investment firm with positive power of capital, is leading Primrose Development Company (PDC) and Laurus Development Partners in the development of this iconic office building that will rise 14 floors in Ikoyi at the Lugard Avenue and Kingsway Road intersection.
“This ultra modern, eco-friendly building is Nigeria’s most advanced development, employing the latest building principles and state-of-the-art finishes; Heritage Place is set to become one of Lagos’s most recognisable and accessible buildings”, Ngozi Edozien, Actis CEO, said at the pre-launch presentation of the project to industry stakeholders in Lagos.
According to her, the consortium is a world class project team with Actis as the developer/investor while Prime Rose and Laurus are the development managers. She disclosed that Actis invests exclusively in the emerging markets, adding that with a growing portfolio of investments in Asia, Africa and Latin America, the company currently has over US$5 billion fund under management.
“Africa lies at the core of the firm’s investment strategy with more than US$1.7 billion. Actis is the most experienced private equity real estate investor in sub-Saharan Africa”, she enthused.
Jide Balogun, Primrose CEO, said that the idea of Heritage Place was borne out of an identified significant gap in quality office space in Lagos, disclosing that the choice of Actis as development partner was Actis investment discipline and global approach within the local context.
“As Nigeria’s first green building, the cost implications are huge but we believe that the long term benefits are there and that will make Heritage Place distinguish itself in the market place; we also believe that on completion, the complex will be a reference point in office space in Nigeria”, he said.
Carlo Matta, Laurus CEO, agreed, pointing out that apart from its positive impact on tenants’ bottom line, the building also has the advantage of reducing operating cost by guaranteeing 20 percent less energy cost.
Comprising 15,600 square metres lettable office space over eight floors, the building has a large floor plates that offer great flexibility and efficiency to modern occupier and, according to the Actis CEO, the floor plates are fitted to internationally recognised Grade A standards, available from 450 square metres to 2,000 square metres.
“The iconic design, prestigious address and bar-raising specification set a new standard for Nigeria’s architectural landscape”, she said, adding, “Heritage Place is synonymous with modern, smart and environmentally-aware business”.
The building’s 14 floors have eight-floor rentable office, five-floor on-site parking; flexible office space from 450 square metres. The building is LEED-certified; it has raised floors and suspended ceilings; high space efficiency; reception area; meeting rooms; café/coffee shop; plaza; large floor plate—up to 2,000 square metres; floor plan divisible into four tenancies; six-passenger lifts and one goods lift.
“As the first commercial building to achieve LEED certification in both design and construction, Heritage Place applies cutting technology to fulfill not just today’s environmental expectations, but tomorrow’s too”, Edozien assured.