Beyond the profit and dividend motive which are, of course, the hallmark of any business or investment, security of such investment is also critical. Every business or investment needs security and an environment where there is stability for it to thrive and grow. These are part of the value propositionS that Trinity Towers offers investors and businesses.
An ambitious development being promoted by City of David, a province of the Redeemed Christian Church of God (RCCG) to fund its future CSR projects, Trinity Towers is Nigeria’s first three-tower office complex. It is fondly described as ‘unity of three towers’ combined into structural beauty and functionality, offering the best of environments for business and leisure.
As a piece of architecture, Trinity Towers is just like any other office complex in its class. But unlike other complexes, it offers very unique, spectacular and compelling value propositions which a savvy investor or business concern can hardly gloss over.
“An entry into this best-in-class property with an opportunity to adjust to specification with early commitment into long lease option is, indeed, as good as an outright sale as an adult buyer practically holds the space beyond his life time”, Gbenga Olaniyan, CEO, Estate Links, explained to BusinessDay.
Estate Links (Gbenga Olaniyan and Associates) and Knight Frank are the lead marketing and lease agents on Trinity Towers and, according to Olaniyan, the involvement of these two commercial real estate giants in the leasing of West Africa’s first tri-tower office complex is a major plus for investors and the security of their investment.
There is stability of investment in Trinity Towers which implies that, unlike the common short lease arrangement, the long lease offering serves up security on investment as well as cuts out the cost associated with relocation, new premises renovation and fit-outs.
The appreciation/annuity which this investment assures of means that a ’buy-to-let’ investor will expect to receive direct income as cash flow but over time also will witness capital appreciation as the property increases in value.
“Besides predictability which helps with long term forecasting and budgeting while helping the tenant- owner withstand economic volatility, there is also strong bargaining power for concessions and improvements. This means that early entrants will be able to dictate, to a large extent, the finishes on their floors as well as alterations within limits”, Olaniyan assured..
According to him, investors will also be able to transfer their leases subject to the consent of the owners of the property, meaning that an investor has that alienability of rights to the lease he has made.
Another strong value proposition which the complex offers is that its long lease cost is negotiable; the long lease term….(I removed the 60 years here as we want to be silent on that)…., is also negotiable while rent per annum for the office floors is N125,000 per square metre per annum which, Olaniyan noted, “is very conservative compared to the market average for Grade A properties of N170,000 per square metre per annum”.
Located in the heart of the fast developing commercial centre of Oniru, Victoria Island, Lagos, Trinity Towers is due for structural completion by the last quarter of 2019. It is a unique, innovative masterpiece and a meticulously designed mixed development of commercial and leisure space.
The Grade A office complex is within easy reach of Lagos finest commercial and residential environments and has neighbours such as City of David Church, Four Points by Sheraton, Lagos Oriental Hotel, Exxon mobil Headquarters, The Palms Shopping Mall, The Incubator and Get Arena. It is the first Tri-Tower building in West Africa sitting on a transfer beam above five floors.
Upon completion, the development will boast of 13,320sqm of contemporary real estate spanning 12 floors with parking for around 670 cars in the multi-storey car park, 5000-seater concert hall, indoor amusement for children, retail therapy for the shopaholic, two cinema halls, a gymnasium, rooftop swimming pool, helipad, medical centre, café & restaurant, multi-purpose halls, banking halls, and ATM Gallery.
Others features of the complex are 12 passenger lifts; 1 goods lift; automated and integrated lighting, sound & video system; tenant-dedicated external garden terraces protected by a lattice framework. There are 12 floors of approximately 500 square metre each, totalling 7,630 square metres which are available to let or for long lease. This comprises the 6 upper floors in the north and south towers respectively.
Projects of this magnitude usually come with a lot of advantages. Over time, it has been observed that traction on a property increases once nearing completion or upon completion and this has been the case in some of the major projects in metropolitan Lagos.
In these projects, several investors and potential tenants expressed interest when the project was nearing completion, and many others after completion. But the interesting thing to note, according to Olaniyan, is that early entrants always come out with an advantage of concessions which will also be the case with the trinity Towers.
CHUKA UROKO
