When Resilient Africa meets with potential tenants at a forum slated for the next couple of weeks in Lagos, the icing on the cake will be the offer of a friendly and flexible rent payment on quarterly basis for a retail space at Asaba Mall being developed and promoted by this South African firm.
Located strategically at the popular Interbau Roundabout where Summit and Okpanam Roads intersect, just by the flyover in Asaba, Delta State capital, the Asaba Mall is the third among the retail facilities so far developed by Resilient Africa which is a joint venture between Shoprite and Resilient REIT.
The development covers a gross floor area of approximately 9,500 square metres of which approximately 7,500 square metres is the lettable space. There are 39 shops of various sizes with the anchor shop already taken by Shoprite spread out over 3,000 square metres.
With a two-year proposed lease term that could be conveniently paid quarterly to ease cash flow for the retailers, Asaba Mall is generally targeted at retailers who operate locally, nationally and internationally and trade in a wide range of goods and services such as boutique, entertainment, furniture, household goods, fashion, IT and electronics among others. Upon completion and commissioning, the Mall will be handed over to Broll Nigeria for day-to-day management.
The $45 million mall, which is coming on the heels of Delta Mall in Warri and Owerri Mall in Imo State, covers a land area of 50,000 square metres and it is slated for delivery in December this year.
Construction started on the mall in June, 2015 with a ground breaking ceremony and was scheduled for 18 months’ duration. Work on the project which has Resilient Africa (Pty) Limited, Delta State government and Bayol Development Company Limited as equity owners .has already achieved 75 percent completion.
The mall is to be finished in all facets from the floor to the roof to international standards for which the commercial brand is well known globally. Similarly, the range of facilities including central air conditioning and back-up electricity generators and others that will be provided are exclusive and state of the art. Efficient security is assured with smart, eagle-eyed personnel working closely with electronic gadgets while ample parking space is available for shop owners and shoppers alike.
On why Asaba was chosen for the mall location, Eddie McDonald, the Chief Executive Officer of Resilient Africa posited that the choice was based largely on demographic factors, a strategic and commercially viable location and the average disposable income of the residents among others. It was also largely driven by the desire of Shoprite to establish a foothold in Asaba.
Formwork Nigeria Limited is the main contractor and the professional team comprises well-known companies which include WSP for mechanical and electrical engineering, Pro-M for air conditioning and mechanical services and Profica as Project Manager. Messrs NWS Nigeria Limited are the project quantity surveyors and LYT Nigeria Limited the Architects. Broll Property Services and Bullnet Brokers are the joint leasing agents.
McDonald reiterated that some other major cities in the country have been slated for the location of malls under their brand, namely Port Harcourt, Benin, Uyo and Abeokuta as those in the pipeline.
He disclosed that there would be an interactive session with the media during which some executives of the ownership organizations will unfold the agenda of the mall, its objectives and other issues as well as taking time to provide answers to enquiries about the mall. The forum proper is scheduled for between 11am-5pm with two presentation sessions at 11am and 2pm.
Source : BusinessDay