Development: Heritage Place, Alfred Rewane (Kingsway) Road, Ikoyi – Lagos – Real Estate Market Data and Research for Nigeria and other African Countries | estate intel

Development: Heritage Place, Alfred Rewane (Kingsway) Road, Ikoyi – Lagos

Heritage Place, Ikoyi. Source: primrosedevco.com

  • Name: Heritage Place;
  • Location: Alfred Rewane (Kingsway) Road, Ikoyi – Lagos;
  • Floors: 14;
  • Use: Office;
  • Architects: Capita Symonds and ECAD;
  • Size: 15,736sqm;
  • Developer: Actis and Primerose Development Company;
  • Contractor: I.T.B Nigeria;
  • Finance: First City Monument Bank Capital Markets;
  • Completed: Q1 2016.

Heritage Place is Actis’ answer to the lack of quality Grade A space in the commercial capital of the country. It will be located on Kingsway Road, one of Ikoyi’s nerve centers that is destined to become a greater mixed use hub. This office tower is spread out on 14 floors providing over 15,736sqm of lettable office space and 350 parking bays. It was completed in the first quarter of 2016.

Actis, a private equity firm with a focus on investments in emerging markets is a key player within the Nigerian and Sub-Saharan African real estate space. They were the team behind Ikeja City Mall and are currently involved in Abuja’s Jabi Lake Mall development. While this office development is Actis’ first in Nigeria, they are currently developing a 9 floor A Grade office property with sustainable features located within the bustling Airport City of Accra, Ghana. The Primrose Development Company is also part of the development team for Heritage Place, they were involved with the well received luxury Ultimate Apartments in Ikoyi.

Heritage Place will include a host of features such as double volume reception, suspended ceilings, a cafe/coffee shop, plaza as well as flexible floor plate sizes from 450sqm up to 2,000sqm among other things. However, the unique selling point of this property is its green/sustainable features. Actis intend to ensure that the project meets international green and sustainable building standards by attaining a LEED (Leadership in Energy & Environmental Design) certificate, a sustainable building rating system set out by the USGBC (United States Green Building Council). These features should lead to a 30-40 percent reduction in energy use, a valuable asset considering high power and energy costs in Nigeria. According to their website, Heritage Place will be the first green building in Nigeria. However, the Nestoil Tower also intends to meet LEED standards. Even though the Nestoil Tower is farther ahead in terms of construction, attaining the certificate largely depends on build quality and how efficient it is at utilising energy.

The development is in close proximity with Kingsway Tower, which is at an earlier stage of construction and on the same road as other developments like Alliance Place, B.A.T Rising Sun, Chelsea Group Hotel and Temple Tower. There will be a lot of competition for tenants among these buildings once they come onto the market.

See the photos below for more.

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place, Ikoyi. Source: primrosedevco.com

Heritage Place. Computer Generated Image vs Completed/Current Status.

Heritage Place. Computer Generated Image vs Completed/Current Status.

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. September 2014. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. September 2014. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. September 2014. Source: heritageplaceikoyi.com

Heritage Place, Ikoyi. September 2014. Source: heritageplaceikoyi.com

Hertiage Place, Ikoyi

Hertiage Place, Ikoyi. Source: heritageplaceikoyi.com

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