PROPERTY NEWS

BRUSHING aside the global financial crunch and its impact on the real estate sub-sector, a frontline player in Nigeria's real estate development sector at the weekend announced the partial completion of its multi-billion naira high-rise building on Victoria Island, Lagos.

The 16-floor office tower, claimed to be the tallest commercial office building on Victoria Island, is developed by R.B Properties Limited, a subsidiary of the Churchgate Group and christened Churchgate II Tower. The building is located close to the Nigerian Law School on Afribank Street.

By completion, according to the developers, the building would have gulped about $108 million (N16.3 billion), while a minimum of $1,200 per square metres would be charged as rent on the office spaces.

Construction work on the building started in 2006 but was halted after completion of the pile foundation, to allow the promoters adjust the building design to conform with new government guidelines for Afribank Street, allowing more floors per property. Hence, the 10-storey building initially planned by Churchgate was adjusted and raised to a 16-floor structure. It is built on a land area of 1,786.00square meters.

The main contractor is DTV and the consultants are a mixture of international and local firms, such as Design Group Nigeria Limited and Ove Arup. Trevi undertook the piling works.

The new tower rises above the older 12-storey Churchgate Tower and other corporate buildings in the area and was conceived to provide office environment to meet the growing demand for world-class office accommodation in the area.

The edifice is equipped with state-of-the-art facilities to meet the requirements of contemporary corporate organisations, which require modern and efficient workplaces.

According to the developers, Churchgate II Tower's uniqueness is derives from "its functional architectural design and state of the art integrated facilities. Externally built with curtain glass wall with a blend of Mosaic tiles at the rear, the internal arrangement of the Tower is an open plan office type finished with imported marble floors characterised with floor area ranging from 414 square meters to 1,004 square meters in size.

The building comprises a purpose-built banking space on the ground floor, a mezzanine floor, ten standard floors and three penthouse floors with terrace facility. Heavy duty chillers provide individual floor type central air conditioning for all 16 floors.

The building's hi-tech fire alarm system is linked to automatic smoke heat and fire detectors backed with automatic water sprinklers system supported with advanced fire fighting equipment. Communications facilities available comprise satellite and cable television, Internet facilities and close circuit television; three electricity generators provide back-up power supply to guarantee 24 hours electricity.

The Guardian learnt that the third floor is ready for occupation and tenants are moving in this week while multinational firms have taken up most of the floors. The property owners disclosed, however, that no tenancy agreement would be signed until the completion of the building by year end.

"With lagoon view and shimmering curtain wall glass exterior, Churchgate II Tower is an edifice set to redefine the skyline of the hub of finance and business of Lagos. It is built next to the prestigious Churchgate Tower, according to Siva Rama Subramanian, an executive director, Churchgate.

Subramanian, who stated that the financing for the project was garnered through offshore funding, was optimistic that the economy will bounce back soon.

Among facilities provided in the structure are water and sewage treatment plant, four panoramic passenger elevators, two levels of underground car parking and upper level car parking spaces.

Commenting on its new business strategy of investment in property development, one of the company's General Manager, Mr Ibukun Adeogun, explained that the new policy involves refocusing on its core business operation to revolve around real estate development, property management and construction while still investing in manufacturing and banking.

He disclosed that Churchgate had made considerable inroad in property ownership and development in recent years with high nethworth property holdings in prime locations in Lagos and Abuja.