Developer Proposes Iconic Atlantic Resort in Lagos

An illustration of the proposed Atlantic Resort, Lagos

The Atlantic Resort is conceived in response to the demand for grade ‘A’ office spaces, which continues on an upward trajectory due largely to the size of Nigeria’s Gross Domestic Product, growing population, emerging middle class and more specifically, the thriving business environment in Lagos owing to economic activities in the state.

FOLLOWING recent increase in the number of real estate firms venturing into Lagos property market, especially in mixed used developments and dreams of multi-national companies to have their executives, who are majorly expatriates, in close proximity to their working places, a Lagos-based developer, Messrs Grenadines Homes has launched a new luxury business and residential development in the city’s skyline.

The project christened Atlantic Resort is to be built on 3.4 hectares of land and will comprise one commercial tower and two residential towers located on Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos, and overlooking the Atlantic Ocean.

Dubbed as the most iconic destination for work, live and play in Africa and a symbol of excellence. It is also projected as solution to over crowding in the metropolis, “The Atlantic Resort is away from the maddening crowd and yet within the excitement of the business centre of Victoria Island, Lagos,” a senior official of Grenadines Homes said.

The project is conceptualised by the United Kingdom arm of HOK, the largest architectural and engineering firm in America working in conjunction with ECAD Architects. HOK Architects designed the master plan for Dubai Marina.

The Atlantic Resort is conceived in response to the demand for grade ‘A’ office spaces, which continues on an upward trajectory due largely to the size of Nigeria’s Gross Domestic Product, growing population, emerging middle class and more specifically, the thriving business environment in Lagos owing to economic activities in the state, according to the firm.

Atlantic Resort is projected to be the most iconic destination for work, live and play in Africa and a symbol of excellence. “As a five-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.

There is also the option of whole apartment ownership for investors who want to buy a whole unit of either one or two-bedroom apartments as well as the pool option.

The Atlantic Resort is offering an opportunity to savvy investors through independent ownership with the purchase of a quarter of a floor (250 square metres) or more; and pool option for investors who want to buy one or a few square metres.

The average rental income per square metre for grade ‘A’ office complexes in Victoria Island is said to be above $870, while the rental rate on the Atlantic Resort is projected to be higher than the average.

The firm stated that Stanbic Trustee would manage the investment. A realtor will be appointed to lease out the property upon completion and Stanbic Trustee will share rental income among the owners.

Sourced- Guardian News