Floors 5 and 15 storey and 5 floors above ground as well as one basement floor of car parking. There will be a total of 14,704 sqm built up spaces and 5,776 sqm lettable spaces.
The total project cost is estimated at N4.8 billion including land acquisition costs. The construction period will be 30 months. The project will be on a rental model.
Status of the Project
Pilling commenced in January 2010 and was completed in July 2010 (6 months) – 1 month ahead of schedule. Trevi Foundations handled the pilling.
Cappa and D’alberto Plc was appointed (via a transparent and competitive bidding process) as contractor to handle the construction of the carcass and supervise the installation of services and finishes. The contractor moved to site in September 2010 and expected to finish within 18 months.
In all, the project is expected to be completed within 24 to 26 months.
Financing Plan
Mis Advisory was appointed as Financial Advisor and Arranger for the funds needed. We have since successfully closed on the fundraising with the promoter providing all the equity while a local bank provided the construction finance of about N3 billion.
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