Housing corporations complete AHCN Tower in Lagos
AHCN provided the 2, 239 square metre land, which was allocated to it in 1986 by the Lagos State Government while the developer financed the project and would manage the five-floor office edifice for 25 years
Spurred by the marginal uptick in rents and limited supply of high quality office space, the Association of Housing Corporations of Nigeria (AHCN) has drawn the curtains on a multi- million naira office complex in Lagos.
The office project, in Ikeja Central Business District (CBD) is a joint venture between the association and Messrs. Centre Base Consult Limited, under a Build, Operate and Transfer (BOT) system. AHCN provided the 2, 239 square metre land, which was allocated to it in 1986 by the Lagos State Government while the developer financed the project and would manage the five-floor office edifice for 25 years.
Located on CPM Road, opposite Marwa Gardens, Alausa, the complex has been carved into office suites and was constructed over a period of 16 months. About 2,300 square metres, made up of 47 office suites of different sizes are on offer to the corporate world. The project backed by Sterling Bank, FCMB and Keystone Bank.
The developer has reserved a floor for the association and body is yet to decide whether to move its secretariat, presently in Lagos State Development and Property Corporation to the new complex. The high brow building with stand-by generator, parking lot, high grade verified tiles and security system is being rented out between N33,000 to N45,000 square metres.
AHCN National Secretary General, Mr. Olusola Martins disclosed that the delay in developing the complex was due to paucity of funds and search for a credible contractor and financier.
He said, the AHCN Tower would be commissioned on Thursday by the Lagos state governor, Akinwunmi Ambode as the special guest and the Minister of Works, power and Housing, Babatunde Fashola as guest of honour. The Chairman, Planning Committee for the commissioning is Mr. Oyewole Awodire, who doubles as the General Manager, Osun State Property Development Corporation.
The Managing Director, Centre Base Consult Limited, Mr. Sesan Obe said that the government should encourage private developers by providing enabling environment such as avenue for long term funding and infrastructure in real estate’s projects.
Obe, who doubles as the association’s chairman, technical committee, urged the government to establish a financial institution that would provide funding for the construction industry like the Construction Bank.
According to him, the construction sector as the largest employer of labour would generate employment to Nigerians, if there is a massive investment into the sector by the government.
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