By YINKA KOLAWOLE
A consortium, comprising Oando Plc, Argentil Asset Management, Standard Bank and RMB Westport, is set to deliver a twin tower office complex with state of the art features, christened, The Wing Towers, on Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
The one-stop ultra modern office complex is aimed at providing a conducive environment for national and multinational businesses in Nigeria. On completion, The Wings will comprise a twin 12-Storey towers resting on a four-storey parking and reception facility. Oando and the other 3 firms are the investors and developers of the project.
The vision for the project was conceived over five years ago by the Group Chief Executive Officer of Oando Plc, Mr. Adewale Tinubu, while RMB Westport, Argentil Asset Management and Standard bank are development partners.
The leasing agents for The Wings are: Estate Links Limited (Gbenga Olaniyan and Associates) and Jones Lang LaSalle (JLL). The project being constructed by Cappa and D’Alberto, with a 32 month completion, is expected to be delivered by November 2016.
At the market launch of the project in Lagos, Tinubu said, “It’s an iconic building. It’s a testimony that whatever we do in Oando, we do in a special way.”
The complex comprises 27,000 square metres of let-able space. Upon completion, it will feature a 700-bay parking lot, a Porte Cochere, a fourth storey function deck for social events and corporate get-togethers, a restaurant, a bank and a jetty for access by boat via the Five Cowrie Creek.
It is designed to be a green certified structure with an intelligent building management system. With 24 hour power and a wet service management system for soil and waste water, the Wings Office Complex is ranked as an energy efficient building. Access to the building is to be controlled via the public lobby, which leads on to the retail areas, restaurant and banking hall, as well as security reception desks in the lobby of the towers.
Bidemi Fadayomi, Head, Asset Development of Argentil Asset Management, said the coming of The Wings Office Complex will set the stage for global business partnerships. “One of the major challenges of international businesses when they look to come into Nigeria is the availability of good quality real estate.
Not just from a functional office perspective where they can run their daily transaction but also residential where they can house their employees. We observed the gap between the expectations of the tenants and the reality on ground. So, this building is the start to what would be Nigeria’s response in meeting international demand for real estate.
It also sends the right signals to the international business community that Nigeria is ready to play to world class standards,” Fadayomi said. Though, it is not definite that the office units are going to be sold or leased, for returns, she said the consortium hopes to realize between 35 to 40 percent ROI.
Roy Hamlyn, Development Manager, RMB Westport, on his part, said, “Rental levels are obviously under pressure. Thus, comparatively, we try to achieve a most competitive rental within the market.” Fadayomi agreed, noting, “This building will offer prospective tenants a level of service that will be unmatched within the industry. In terms of returns, we do believe from the investor’s angle that it would offer us above market returns.”
Chinwe Ajene-Sagna, Regional Director of Jones Lang Lasalle Nigeria, one of the leasing agents, emphasized the flexible payment pattern for potential tenants. “You can pay for the sites quarterly, before or on the date of your quarterly payments” she said.
According to Mr. Michael O’ Malley, Managing Director, Rand Merchant Bank Westport, “The Wings will for the first time in the market offer prospective tenants superior accommodation in the commercial capital of Nigera.” He enthused that the presence of Cowrie creek on one side and Ozumba Mbadiwe on the other excited the investors and developers, stressing that the building possesses fantastic access route from water and land.
According to the developers, project is presently over 60 percent complete. “Right now the project is about two-third of the way through construction and we are still within budget. We also have Cappa and D’Alberto, one of Nigeria’s most renowned contractors. We guarantee our clients a superior product. The Wings complex is special and will change the property and real estate landscape in Nigeria,” O’Malley affirmed.