Case Study

Client: Global Outsourcing Company with Headquarters in France.

Tenant Representation Services

Requirement: Total of 1,550 SqM of Office Space in Lagos Island/Mainland

Brief:

  • The client won the contract to operate Visa operating centres in Nigeria and Worldwide on behalf of the issuing government.
  • To perform this assignment they required minimum Grade B commercial space on the Island and on the Mainland.

Challenge:

  • Landlords reluctance to Lease premises on Victoria Island for purpose of a Visa Centre due to high footfall this would generate within the building and surrounds.
  • On the Mainland there was a dearth of buildings fulfilling the building specifications of a visa centre as conceptualised by the client.

Solution:

On the Island (Victoria Island):

  • Templetons identified a suitable Grade A commercial space on the Island that was in close proximity to the offices of major airlines.
  • Templetons knowledge of the local market was critical in negotiating a 25% discount to the Landlords asking price to bring the cost of the lease within the client’s budget.
  • Templetons provided significant input into the structures and procedures rolled out by the client in order to counter the impact of the increased footfall in the building.

On the Mainland (Ikeja)

  • Templetons identified space in an older building with developmental potential to convert into the type of premises that would meet the client’s requirements.
  • Templetons negotiated an early access agreement with the landlord. This is unusual practice in the Nigerian Real estate market.
  • The client initially opted for the 5th and 6th floor as this was the only available space in the building at the time of enquiry. During negotiations it transpired that the 1st and 2nd floors were soon to become available. As these floors represented a better option for the client, Templetons negotiated a first refusal option on the 1st and 2nd floors in the Heads of terms.

Value Add:

  • Templetons was able to secure Grade A office space for the client in Victoria Island at a price that was within their budget.
  • Templetons successfully created the opportunity to convert an average building into an ideal operational base for the client.
  • Templetons provided input on how to isolate the leased space from the rest of the tenants in the building so as to minimise any disturbance to fellow occupants.

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