Actis, Primrose excite investors, top-out construction on Heritage Place
It was all excitement recently when Actis, Primrose Development Company (PDC) and Laurus Development Partners gathered investors, consultants, main and ancillary contractors and the media for a topping-out ceremony that marked the laying of the last brick and mortar on the superstructure of the Heritage Place Ikoyi, Lagos.
In construction industry parlance, ‘topping out’ simply means final lap in the course of construction and, for Heritage Place, a 14-floor iconic office building located on Kingsway Road, the topping-out ceremony which was performed by Toyin Ayinde, Lagos State Commissioner for Physical Planning, signaled the near-completion of the building which will be due for delivery in December this year.
Actis, an international private equity firm that invests exclusively in emerging markets with US$7.5 billion funds under management, is leading Primrose and Laurus in the development which promises to be the first green office building in Nigeria with high energy efficiency and fascinating façade.
“This ultra modern, eco-friendly building is Nigeria’s most advanced development, employing the latest building principles and state-of-the-art finishes; Heritage Place is set to become one of Lagos’s most recognizable and accessible buildings”, said Funke Okubadejo, director, real estate at Actis, during the topping out event.
Continuing, she said, “we are thrilled to celebrate this major milestone which reflects formidable progress well within our initial development timelines. We are excited about redefining the standards of design and quality of office space in Lagos which is a testament to the excellence of the development and construction team responsible for the project delivery”.
An elated Jide Balogun, Primrose CEO, said that the idea of Heritage Place was born out of an identified significant gap in quality office space in Lagos, disclosing that the choice of Actis as development partner was on account of Actis’ investment discipline and global approach within the local context.
Balogun noted that the journey had not been easy but was excited by the progress made so far, commending all stakeholders to the project, especially the contractors, who have ensured that the project would be delivered in time and on budget. Comprising 15,600 square metres lettable office space over eight floors, the building has large floor plates that offer great flexibility and efficiency to modern occupier and, according to the developers, the floor plates are fitted to internationally recognized Grade A standards available from 450 square metres to 2,000 square metres.
The $100 million building has eight-floor rentable office, five-floor on-site parking for 350 cars; flexible office space from 450 square metres. It is design and construction-certified by Leadership in Energy and Environmental Design (LEED) which is a standard global rating system for the design, construction and operation of sustainable real estate.
The building has raised floors and suspended ceilings; high space efficiency; reception, meeting rooms; café/coffee shop; plaza; floor plan divisible into four tenancies; six passenger lifts and one goods lift.
Benefitting from world class environmental, health and safety standards in both design and construction, the building will also benefit from energy costs of, at least, 25 percent lower than its contemporaries.
CHUKA UROKO