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Investors celebrate topping-out of $100m Heritage Place project

By Chinedum Uwaegbulam
11 May 2015   |   1:50 am
A MILESTONE has been reached on the way to the completion of the $100 million Heritage Place, a world-class office development in Lagos’s commercial and residential district, with the investors symbolically marking the project’s entry into its final stage of development in a topping-out ceremony.
Heritage Place

Heritage Place

A MILESTONE has been reached on the way to the completion of the $100 million Heritage Place, a world-class office development in Lagos’s commercial and residential district, with the investors symbolically marking the project’s entry into its final stage of development in a topping-out ceremony.

Slated for completion in the last quarter of this year, the fast moving construction programme will enable tenants to start their fitting out in October 2015 and be open for business in December 2015.

The topping- out ceremony, hosted by Actis, a private equity real estate investor and Primrose Development Company Limited, one of Nigeria’s leading property development company was led by the Lagos State Commissioner of Physical Planning, Mr. Olutoyin Ayinde, through the placing the final piece of concrete on the superstructure.

The Heritage Place, located in Ikoyi, is just minutes away from the heart of the business districts of Lagos and Victoria Islands, and also from the most vibrant social venues in the city.

The building has been meticulously designed to provide up to 15,600 square meters of Grade A office accommodation, and over 13,000 square metres of parking space.

It also has a reception area, meeting rooms, restaurant area, café/coffee shop, plaza, six passenger lifts, and one goods lift.      It offers great efficiency and flexibility to match the internationally recognised Grade A standards for office accommodation; the iconic design, prestigious address and bar-raising specification set a new standard for Nigeria’s architectural landscape.

Rising 14 floors above the busy Alfred Rewane and situated at the junction with Lugard Avenue, the $100m ultra modern office building is now less than eight months away from completion.

Touted as the first commercial building to achieve the Leadership in Energy and Environmental Design (LEED) certification in both design and construction in Nigeria, the building is benefitting from world class environmental and health and safety standards in both design and construction as well as benefit from energy costs of at least 25 per cent lower than other existing office stock in the city.

From the ground floor double height reception, a bank of six elevators will serve all floors of the building. The five lower floors will accommodate 350 car parking spaces, with eight office floors above; all fitted to international Grade A standards with raised floors and suspended ceilings.

Each office floor provides about 2,000m2 of flexible floor space, suited to both open plan and cellular formats. The ground floor accommodation provides meeting rooms and a cafeteria, which are available to tenants.

Ayinde said it was the project that enabled the ministry to take a second look at the definition of mixed-use development, which was incorporated into the review of Ikoyi, Victoria Island Model City Plan.

“If the project had waited a little longer, its design could have been for 20 or 25 floors.” He urged Actis to continue in its urban renewal initiatives within Lagos.

Actis Real Estate Director, Funke Okubadejo 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”.

“It wasn’t enough to put an addition space, the key vision was to redefine the standards in terms of design, quality of space, health and safety consideration in the building.

We have gone a step further to make Heritage Place, the first LEED accredited commercial office space in Nigeria.   “For us, another key thing is coming to a prime location, we have also thank the vision of the state government in terms of creating model city plans, which helps developers like us to put projects as part of the orderly development of the city.

In many years to come, this will still be a prestigious and sought after address for the corporate world.”   Steve Hines of Laurus Development Partners said the building is unravelled due to its LEED accreditation and grade A specification in terms of design.

“This is going to be an iconic building on the Lagos landscape,” he said.     Laurus Development Partners oversees the consortium of consultants, which include Capita Symonds UK, ECAD Architects, CA Consultants, Morgan Omonitan Abe and Tillyard Limited.

The main contractor, ITB Limited, is one of the leading construction companies in Nigeria.