July 2, 2018

Primrose Development Company ditch plans for 14 floor office project in Oniru

Dolapo Omidire

Primrose Development Company has abandoned plans to develop a 14 floor office tower on Chief Yesuf Abiodun Road in Oniru as they have put the land for the project up for sale. The project, named One Zero Five Place, was designed by Stauch Vorster Architects and is located on a 3,048.6m² site directly opposite the Cornerstone Office development.

Development: One Zero Five Place, Chief Yesuf Abiodun Road in Oniru.
Development: One Zero Five Place, Chief Yesuf Abiodun Road in Oniru.

One Zero Five Place was designed to offer 11,000m² of leasable office space, an excellent efficiency ratio of 96% as measured by the Building Owners & Managers Association International (BOMA) while providing ample parking, a cafeteria, gym, an intelligent building management system, disabled person friendly features and much more. The office market in Lagos, however, has come under pressure with large supply additions tipping the market in favour of the tenant. In 2016, building completions came in at a disruptive 20% of the stock, much more than the 5-10% range where market shocks typically begin.

The site is being marketed along with its Governor’s Consent and approved building plan for 14 floors of office and a basement. Primrose Development Company’s portfolio remains active with recent projects including Heritage Place in Ikoyi, completed through a joint venture with Actis and a separate development of 5 luxury residential villas on 1 Moor Road, also in Ikoyi.

If you have an interest in this project, reach out to team@estateintel.com for details.

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