Introduction
The Atlantic resort will be built on 3.4 hectares with a built up area of land of about 40% leaving the rest of the land for circulation, greenery and facilities. It consists of 3 towers, 2 residential blocks and 1 mixed use tower.
The residential tower is made up of unit types 1 & 2bedroom apartments, 3bedroom Maisonettes, 1 unit 4bedroom terrace apartment and 2 units 5bedroom penthouse maisonettes. The average sizes in square meters for the 1bed is 113sqm, 2bed is 147sqm and 3bed maisonettes is 244sqm. Ample parking is provided and conveniently distributed amongst all unit types with 2bed apartment and 3bed maisonettes allocated 2 car spaces each. The 1bed flat is allocated with 1 parking space and 4 for the penthouse units. A total 660 parking spaces is provided for the 3 towers. Each residential unit would have a minimum of one maid’s room except the one bed. All units will have laundry rooms, they are piped for sound, video-entry phones, wired for cable TV, central air-conditioning and electrical pre-paid metres. Common facilities include a security manned lobby, fire alarm systems, sprinklers, intercoms system and 24hours un-interrupted power supply.
Away from the maddening crowd and yet within the excitement of the business center of Lagos, Victoria Island. The project is located on Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island Annex.
Conceptualized by the UK arm of hok, the largest Architectural & Engineering firm in America. Hok Architects designed the masterplan for Dubai Marina. A 5-Star concept requires the best of contractors to execute, that is why Grenadines Homes has pre-qualified leading contractors in Nigeria such as Cappa and D’alberto, Elalan and Julius Berger for the execution of this project.
It's not just another high rise project, Atlantic Resort is the Beauty and the Brilliance, the Style and the Substance.
• Spa • Swimming Pool • Retail Store • Café • Restaurant • Ball Rooms • Library • Gym • Parking Space
The model
We are offering you a new way of life with offices, residences, hotel and retail stores in a single platform. Whatever you are looking for in a city is in Atlantic Business and Residence Resort… Whether the scenery of your world faces the city or the Atlantic Ocean, the value of your life and your investment will increase... Residence, the office, hotel.
Residence
With its luxurious design, various view options and flat/maisonette types for various needs, you will recognize that your dream home is not just a dream anymore. Each flat and maisonette has been crafted to provide a generous living space, with most having double aspect views of the ocean and view of the landscape recreation area between the towers. It's not only an architectural but an aesthetical success with its modern approach, luxury equipment, design that puts the light and air to the center of life.
Hotel
Those who visit Lagos for pleasure or business and those who are seeking for a short but luxurious holiday will all feel special and become the heroes of unforgettable days in this worldrenowned hotel inside Atlantic Resort. You will be the privilege guest of this 50-rooms hotel and want time to stop and you will also indulge yourself in its bar, restaurant, spa and wellness center. Save yourself some time and enjoy the luxury. In the chic hotel rooms of Atlantic Resort you'll state the beat of life.
The office
Say 'hello' to your office where you will start working with maximum motivation and innovation. Atlantic Resort office space is a real business space with its magnificent architecture, exclusive technologies with a total office area of 15,588sqm which consist of 54 saleable units. At the office, you will enjoy every minute of your work with smart communication technologies and double your productivity. You will also have time to socialise at the Café and Restaurant. No matter how intense your work pace is, going to work every day will become a daily pleasure. Because Atlantic Resort 'The Office' is much more than a mere office building
The office floor area
Mixed Use Tower(25 floors) No. of Units
Total spaces (sqm)
Allocated Parking per Apartment
Office
54units
15,588sqm
227
Amenities
2,177sqm
70
Investment Analysis
As earlier mentioned we have available for sell 15,588sqm of office spaces. They would be sold at a minimum subscription of 250sqm. The price per square meter is $5,800.00. Our development would be an ideal place for employees to work and also live. We recognise that most Nigerian companies desire to own their own office but do not require a whole building. For that reason we have decided to meet that need by providing smaller office space for sale. This product also offers flexible payment terms over a 30 month period. For longer repayment we are partnering with Stanbic ibtc to provide funding to major companies such as yours.
Prices
Pre-sale available at.....
N1, 904,000 per sqm for office space
Installment Plan Drop 30%(N571,200) and Spread the balance of (N,1332,800 over 12months). That is N111,066.6 monthly
•Available Spaces for sale 30,000sqm
N1,100,000 per sqm for residential.
Installment Plan Drop 30%(N330,000) and Spread the balance of (N770,000 over 12months). That is N64,166.66monthly
•Available units for Sale 127 apartments and Maisonettes
•Available area in sqm – 40,205
Lease back option also available. All prices are subject to upward review without prior notification.
The 1bedroom Avg Area sqms is 133, Multiply it by N1,100,000 and that will give you N146.3M
2bedroom Avg Area sqms is 147, Multiply it by N1,100,000 and that will give you N161.7M
3bedroom Avg Area sqms is 244, Multiply it by N1,100 000 and that will give you N268.4M
Faq on atlantic resort
Business and residence
1. Where is the Atlantic Resort?
The Atlantic Resort is located at Water Corporation Drive, off Ligali Ayorinde
Street, Victoria Island Annex, Lagos.
2. Who designed the project?
Hok, an international Architectural & Engineering firm did the project design
while ecad are working alongside as local architects.
3. Who is the main Contractor of the project?
We have Pre-qualified Cappa and D’ Alberto, Julius Berger and Elalan handle
the construction of the project
4. Who are the Consultants on the projects?
Tillyard - Cost Consultants
Ove Arup & Partners - Structural Engineers
CA-Mechanical and Electrical Engineers
5. What amenities would be provided?
All bedrooms are en-suite, maids’ room in most apartments, laundry, living room, piped sounds in all rooms, passenger and service lifts, swimming pool, children’s play area, lawn tennis court, public open spaces, sitting area, gym, estate office Infrastructure: uninterrupted power supply, water supply & treatment, sewage treatment plant, smoke detectors/fire alarm/sprinkler/dry riser/fire extinguishing system, CCTV, video entry-phone, well landscaped gardens, central air conditioning, drivers lounge/cloak room, security manned lobby/ reception area/ security system, prepaid meters and facility maintenance.
6. What is the land area for the project?
The total land area is 3.4 hectares with a 40% built up area of land leaving
the rest of the land for circulation, greenery and facilities.
7. How many car lots are available?
660 car lots are provided.
8. How is the project unique from others?
◦ a) It conceptualised by best in class architects hok
◦ b) Offers an amazing opportunity to work and live in a serene environment
right beside the Atlantic Ocean.
◦ c) The Iconic design, location and brand will drive value for investors or
home owners
d) a rare combination of luxury living in one location, Apartment, Offices,
Hotel︙a place for you to live, work and play
◦ e) Imagine an environment that provides you everything you require in one
location, imagine never having to leave your home or office if you that
have to, that’s what the Atlantic Resorts offers.
9. How does the project meet my investment needs?
◦ In a declining economy with fears of rising inflation and currency devaluation, the best store of value is in real estate because land is an asset that will always appreciate in value. In the unlikely event that the appreciation of asset is slowed or halted it is unlikely that it will fall below the purchase/investment cost
10. What is the possibility of leasing a grade a office in this location?
◦ a) This is a leaseback structure and your rental income is guaranteed
below the market rate. The rental income would be reviewed periodically
every 5 years.
◦ b) It would be part of a pool which would be managed by a Trustee and
leased by a certified Realtor.
◦ c) World Bank report / Augusto report /ifc state there is deficit in the
market of Grade a office spaces.
11. How will I get my rental income?
◦ a) Stanbic ibtc Trustee is being appointed to receive rental income from
owners and distribute same
b) You will be required to open an account where the rental income will be
disbursed to.
12. What if the property gets burnt?
◦ Every owner would be required to insure their unit at the point of
purchase.
13. Is the property being built on a reclaimed land?
No it is not, it is on the natural beach front
14. What is Grenadines Homes home doing to prevent flooding?
The floor level of the Property is higher than the floor level by at least 7meters, the Atlantic Resort development is higher than other developments in V.I
15. How saleable is my interest?
◦ a)The project is in an emerging neighbourhood, the most serene location in
Victoria Island
◦ b) Top Grade a contractors have been engaged for the execution of the
project to ensure best in class products.
16. Can I use my space?
◦ Yes, if you are buying up to a quarter of a floor.
17. What title do I get after purchase?
A deed of partition and can be registered at the land registry.
18. When would the project be completed?
The project would take between 24 to 36 months, and development will commence in June 2016
19. Can I see construction drawings and project milestones?
◦ Yes with the project manager
20. If the project is delayed in delivery what compensation would I get?
The developer would have a 9 months moratorium after which an agreed rental fee will be paid.
21. What is the roi for this investment?
◦ a) the property is located in the most developed high net worth region of
Lagos
◦ b) Purchasers/Investors are guaranteed an roi of over 40% within few
years of purchase
22. Who will manage the facility?
◦ We are considering Cappa and D’ Alberto or Julius Berger to manage the facility based on their experience in the industry.
23. What minimum deposit can I make?
◦Between 30% -50% of the total cost
24. What duration is allowed for the remaining balance?
◦ Balance payment can be spread over 12 months
25. How useful is a square meter to me?
◦ It guarantees you rental income and it’s a lifetime investment. Your investment is transferable
26. What happens if I don’t complete my payment?
◦ A grace period of 3 months would be given, after which the transaction will be revoked and a refund of sums paid less 50% will be refunded
27. Are mortgages available?
◦ Stanbic ibtc is willing to give out mortgages based on credit worthiness and repayment capacity.
28. Will I pay facility management fees?
If you are part of the pool managed by the trustees no, but if you are using the building you will have to pay
29. What happens in case of eventuality of the investor before completion of payment?
◦a. All Investors are advised to insure against personal eventuality, the
insurance
company would complete the payment on your behalf and allocate the
interest to the indicated beneficiary.
◦b. Where the investor is not insured he can recover 50% of whatever he has
paid.
30. Are there any ancillary charges of fees?
◦ a) Legal 5%
◦ b) VAT 5%
◦ c) Insurance 5%
31. Who are the promoters?
◦ Grenadines Homes Limited
32. What title is on the property?
◦ Deed of Sublease
33. What are the various floor sizes?
◦ a) Office -floor sizes ranging from 750sqm to 1,000sqm (per floor)
◦ b) Residential - floor sizes ranging from 108.53sqm. to 506.46sqm.
34. Is the title transferable?
Upon completion and registration at the land registry title can be transferred.
35. Would my rental be fixed?
Roi is reviewable every 5 years.
36. How reliable are the trustees?
Stanbic ibtc Trustees Limited is a wholly owned subsidiary of Stanbic ibtc Holdings Plc. (member of Standard Bank Group) and was registered in 2009 by Nigeria's Securities and Exchange Commission (SEC) as trustees while it received the South African Reserve Bank (SARB) approval in 2010. With shareholders funds in excess of N300 million, the company is in compliance with SEC’s new minimum capital requirement for trust companies in Nigeria.
37. Can I inspect my unit?
Yes, but on scheduled appointments
38. Will my return be fixed?
◦ No it is not, it will be revived every 5 years on the leaseback scheme, but
for the pool scheme managed by the realtors it is open to market prices
(fair value)
39. Who are the bankers to the Project?
◦ Stanbic ibtc
40. Who is the Insurance Company to the Project?
◦ Mansard Insurance
41. Can I buy more units?
◦ Yes based on availability
42. Who is the realtor to the agent ?
◦ Paltonloitte & Associates
43. What is the minimum square meter I can buy?
◦ One (1sqm.)
44. Who is the solicitor to the project?
◦ Banwo and Ighodalo
45. How many access roads lead to the project?
3 access roads Ligali Ayorinde, Oniru road and in the near future the coastal road
46. What are the rental rates of Grade a offices in close proximity?
◦ The rental rate in the area is presently between $850 - $1,000
47. What need does it solve?
◦ It solves the need of having grade a office and best in class luxury apartments in a single prime location
48. What is the rationale behind the project?
◦ Give home owners/investors an opportunity to own a unique piece of real estate in one of the most prime location in Lagos
49. Can I lease the helipad?
◦ Yes, you can lease it
50. Who do I contact if I don’t receive my rental income?
◦ Please contact your trustee, Stanbic ibtc.
51. Does Nigerian property offer good returns?
◦ Yes they do
52. How long will it take to issue a title?
◦ 3 months after completion of the payment.
53. What is the average capital in that area?
◦ In 2012 it was as high as 16% and has been increasing constantly.
54. How would the issue of traffic jams in that area be tackled due to the
presence of event centres?
a) We intend to expand the current Water Corporation road and make it a dual
carriage way.
b) There are 3 accesses to the property, plus the future coastal road
55. Is there a discount for outright purchase?
You must buy a minimum of 5squaremetre.
56. Will I get rental income if my unit is unoccupied?
◦ For investors on the Leaseback plan, the roi is guaranteed at every point in time while investors on the pool scheme can only get rental upon occupancy.
57. How long will I continue to get rental income?
◦ As long as the title is valid and the place is occupied.
58. Is there an opportunity to cash out?
Yes you can sale your unit in the secondary market
59. In the event that I buy more units in the future, can I merge all the
units?
You can discuss this with your trustee.
60. Can I get a bank guarantee on my down payment?
Yes for purchases above 200sqm.
61. Will there be a wheelchair access?
Yes
Please call itua 07034727021, 08059320415 for inspection
