Updated – Development: Cornerstone HQ, Victoria Island Annex (Oniru) – Lagos – Real Estate Market Data and Research for Nigeria and other African Countries | estate intel

Updated – Development: Cornerstone HQ, Victoria Island Annex (Oniru) – Lagos

July 2017. Updated - Development: Cornerstone HQ, Victoria Island Annex (Oniru) - Lagos

July 2017. Updated - Development: Cornerstone HQ, Victoria Island Annex (Oniru) - Lagos

  • Name: Cornerstone Headquarters Office Development;
  • Location: Chief Yesuf Abiodun Road, Victoria Island Annex/Oniru, Lagos;
  • Size (Gross Lettable Area): 10,000sqm;
  • Use: Office;
  • Developers: Cap Phoenix Cornerstone – CAPIC of African Capital Alliance;
  • Architects: Delano Architects;
  • Parking Bays: c. 208 (4 Levels + Surface);
  • Land Area: 4,483sqm;
  • Piling Contractor: Colak Geotechnics Limited;
  • Main Contractor: BCL Nigeria;
  • Project Manager: Comprehensive Project Management Services;
  • Planning Consultants: Natuhab Consultants;
  • Published: December 2015; Updated: July 2017.

The Cornerstone Headquarter development is a 12 floor office project in Oniru with 10,000sqm of lettable office space. Located on the site adjacent to the Four Points by Sheraton Hotel, this project will be another addition to the pipeline of large commercial developments on Chief Yesuf Abiodun Road including the Art Hotel and Trinity Tower.

It is being developed by Cap Phoenix Cornerstone, an SPV owned by the Capital Alliance Property Investment Company (CAPIC), a $165m fund with a 10 year life cycle. CAPIC was established in February 2008 by African Capital Alliance to invest in real estate and real estate related opportunities in West Africa and has existing investments including Onitsha Mall, multiple Protea Select Hotels, Mansard Place and Alliance Place, which is still under construction.

The Cornerstone HQ will have 8 floors of office space and 4 levels of parking that will accommodate ±208 cars in total. Site clearing and piling works began in late 2015 and the project is now above the 10th level.

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru. Image Source: Delano Architects

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru. Image Source: Delano Architects

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru. Image Source: Delano Architects

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru. Image Source: Delano Architects

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru.

October 2016. Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru.

Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru.

October 2016. Cornerstone Headquarters Office Development, Victoria Island Annex/Oniru.

July 2017. Updated - Development: Cornerstone HQ, Victoria Island Annex (Oniru) - Lagos

July 2017. Updated – Development: Cornerstone HQ, Victoria Island Annex (Oniru) – Lagos

July 2017. Updated - Development: Cornerstone HQ, Victoria Island Annex (Oniru) - Lagos

July 2017. Updated – Development: Cornerstone HQ, Victoria Island Annex (Oniru) – Lagos

  • Anon

    If the fund has a 10 year life and a project is still under construction in the penultimate year isn’t there an issue?

    • MCORE

      They can get a fund life extension from their investment committee in conjunction with their investors or they can value the asset and sell it out of the old fund and buy it into the new fund. I’m sure they have additional alternatives beyond the above two suggestions