As office developers in Lagos leave concrete focused designs behind to adopt proper curtain walls, glass cladding and floor to ceiling windows, they are ushering in a new era for the city’s property market and renewed hope for a more modern skyline.
Projects like Heritage Place, The Wings, Madina Tower and more are changing the appearance of what’s on offer for new tenants/occupiers. Seeing as most of these projects will be delivered in close proximity, the rush for timely completion is obvious as many of them have started cladding their exterior. These landmark projects will set a benchmark for what needs to be built by new investors that are looking to make an impact. These are some of the projects under construction that have started cladding.
The Wings – Victoria Island
This 27,000sqm project is the largest office development under construction in Lagos. The development team includes a consortium of investors including RMB Westport, Pivotal and Stanbic, with Argentil Asset Management as development managers. One of the two towers is said to be taken up by Oando and completion is expected by Q3 2016.
Heritage Place – Ikoyi
This project is Actis’ flagship office development in Nigeria, completed in a joint venture with Primrose Development Company. It will provide 15,600sqm of office space, which is expected to be built to a LEED standard. It has been built in record time and completion is expected before year end.
Temple Tower – Ikoyi
Temple Tower is a 15,000sqm office development in Ikoyi, built by the same team behind NIPOST Towers (YF). Completion for this tower is also expected before year end. Similarity in size, location and delivery date with Heritage Place are an indication that these two buildings will compete for tenants closely despite differences in specification and design.
Madina Tower – Victoria Island
Madina Tower is an 8,300sqm office development in Victoria Island. Though cladding on this project has not commenced, the developers are expected to use efficient curtain walling and incorporate green technology.
The large number of projects under construction however, are an indication that rents of $1,000/sqm/annum in Ikoyi and $850/sqm/annum in Victoria Island may be long gone as the increasing supply should begin to put more pressure on rentals.