WITH an eye on anticipated returns on investment, a public liability company and one of the leading independent private equity firm have sealed a deal for the development of a N5 billion commercial office development project in the heart of Victoria Island in Lagos.The deal between Messrs Guaranty Trust Assurance Plc (GT Assur) and African Capital Alliance (ACA) comes as a joint venture under APD Limited. Its for the development of a five storey twin tower structure with 11, 753 square metre gross area and 7,081 square meters of lettable area, located at the rapidly developing Bishop Aboyade Cole Street.The property is away from flood prone zones and close to ExxonMobil headquarters and the new Victoria Mall Plaza development as well as the recently expanded Lekki- Epe expressway.Described as 'an iconic design with an equally keen focus on aesthetics and practicality' by the promoters. The project was kick-started two and half years ago and last week, the last concrete was poured at the site to symbolize the end of first phase, which was celebrated by the joint venture partners.The joint venture has WSP Developments Nigeria acting as project manager, Messrs Cappa and D 'Alberto as the main contractor, ETCO Nigeria Limited as the mechanical and electrical services contractor. Other consultants are Omnia Nigeria Limited (glazing contractor) and Klif consultants as the architect, Trevi Foundations Limited (piling contractor) and CFAO Technologies Nigeria Limited (elevator suppliers).Projected to be completed by September 2012, the structure will have five elevators in the twin blocks while water supply is expected to be through the public mains with borehole provision and 144 cubic meters capacity underground tank, comprising 22 cubic meters overhead tank. Amenities include sewage treatment plant with effluent discharged into public sewers, sprinkler system, fire hose reels and extinguishers as well as detectors.Already, the rents have been fixed at $1,000 per square metres, with a three years advance payment and five years minimum lease period. In managing the edifice, Messrs WSP FMC Nigeria and Broll Nigeria are leading other candidates as facility managers.On the ground floor, internal areas include main lobby, loading bay, facility managers' office, ATM gallery/mini bank and luxury lift lobbies. In the first floor, spaces are allocated for parking, mini bank extension or lettable space while from second to fifth and executive suite floors; there is also lettable space with terraces.Among those that attended the topping out ceremony was the managing director, GT Assur, Mr. Tosin Runsewe, and DIO, Mr. Victor Inyang and representatives of ACA led by Mr. Godfrey Mitchell. Davide Freddi of Cappa and D'Alberto, Managing Director, WSP Maclennan.Mr. Runsewe said that after the ceremony, the fixing of the fittings and other finishes would commence. 'we looked at landscape in Victoria Island and there was no grade A commercial property for high profile organizations to use as office space. we felt to do something to bridge that gap and came out with this concept of an iconic building.'Quite a lot of the design was influenced by our desire to look after the environment. We have a lot of sustainable development features such as natural lighting system to minimize the use of electricity, making it more modern and efficient. We have also selected a high caliber of consultants to ensure the building gets the right finishes.'For Mitchell, ACA has brought its wealth of experience to bear upon the process and complemented the existing high levels of professionalism deployed in the project. The company hopes to see a promising return from the project.
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