National and multinational businesses in Nigeria are set for a whole new experience at The Wings Office Complex – if the focus is on a conducive environment with real value for money.
The Wings, is planned as a twin tower office complex with modern features and a one-stop facility on Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
It will comprise a twin 12-storey towers resting on a four-storey parking and reception facility.
Investors, developers
The investors and developers are Oando, Argentil Asset Management, Standard Bank, and RMB Westport.
The vision for the project came from Oando Group Chief Executive Officer, Adewale Tinubu, alongside the development partners RMB Westport, Argentil Asset Management and Standard Bank.
The leasing agents are Estate Links Limited (Gbenga Olaniyan and Associates) and Jones Lang LaSalle (JLL).
The project, conceived over five years ago, is being constructed by Cappa and D’Alberto. It has a 32-month construction period with completion expected by November 2016.
The complex comprises 27,000m2 of lettable space. 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.
Green certified
The Wings is designed to be a green certified structure with an intelligent building management system.
With power supply 24 hours and a wet service management system for soil and waste water, it is planned to be an energy efficient building.
Access to it is 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.
“It’s an iconic building. It’s a testimony that whatever we do in Oando, we do in a special way,” Tinubu said at the market launch in Lagos.
Bidemi Fadayomi, Head, Asset Development of Argentil Asset Management, added that the coming of The Wings Office Complex will set the stage for global business partnerships.
Facilities, return on investment
“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,” Fadayomi said.
“We observed the gap between the expectations of the tenants and the reality on the 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 the consortium hopes to realise between 35 and 40 per cent return on investment (ROI).
“Rental levels are obviously under pressure. Thus, comparatively, we try to achieve a most competitive rental within the market,” explained Roy Hamlyn, RMB Westport Development Manager.
Each floor offers about a 1,000 square metres let on a single, dual, triple or quadruple tenancy.
Oando has signed an agreement to lease one of the towers while the other tower is open for commercial lease.
“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,” Fadayomi stated.
Flexible payment scheme
Also, Chinwe Ajene-Sagna, Regional Director of Jones Lang Lasalle Nigeria, a leasing agent, emphasised the flexible payment pattern for potential tenants, saying, “you can pay for the sites quarterly, before or on the date of your quarterly payments.”
Rand Merchant Bank Westport Managing Director, Michael O’ Malley, added that “The Wings will for the first time in the market offer prospective tenants superior accommodation in the commercial capital of Nigeria.”
According to him, the presence of Cowrie Creek on one side and Ozumba Mbadiwe on the other excites the investors and developers, as the building possesses fantastic access route from water and land.
The project is about two-thirds of the way through construction and is still within budget.
“We guarantee our clients a superior product. Our specialty has always been property development and we remain committed to delivering superior experiences. The Wings complex is special and will change the property and real estate landscape in Nigeria,” said O’Malley.
