Owerri Mall nears completion, opens in November
Coming as a joint venture involving Resilient Africa, Somachi Investments, Terrestrial Real Estate and Median Infrastructure Development Company Limited. The gross lettable area is 9,800 square metres and marketed by Broll Nigeria, the sole letting agent. The shop sizes range between 20-450 square meters and under a minimum two years lease period.
Speaking during a tenants’ forum and a press briefing at the Oriental Hotel in Lagos last week, senior officials of Resilient Africa disclosed that 65 per cent of the mall has been leased out and initial opening day is slated for November.
As part of its commitment to ensure tenants adapt to the environment, the first set of tenants have been offered ‘beneficial occupation’ from end of this month, which is the rent free period allowed the tenants to fit-out their shops is between 30-60days depending on the shop size.
According to the chief operating officer, Resilient Africa, Eddie McDonald, the lowest annual rent is pegged at N3, 600,000 and available for 42 shops, excluding Shoprite who is the anchor tenant.
Construction work is nearing completion on the Shoprite Box and will be handing over the premises soon for internal fit-out. The whole project is within finishing phase where services are being installed, these include sprinklers, HVAC and Bulkheads within the shops and in the mall.
Service charge will cover the expenses in refuse removal, security, air conditioning running and maintenance. Others are building amenity cost, towel and toiletry services, cost of maintaining indoor and outdoor plant, landscaping cost, maintenance contracts, cost of redecoration and planting as well as the salaries and wages of the management and maintenance staff engaged by the landlord amongst others.
The Portfolio Executive, Broll Nigeria Limited, Yohan Blom, explained that a total investment of $150m had been committed so far to three malls in Nigeria namely Warri, Owerri and Asaba adding that the major objective of the Resilient Africa’s initiative was to provide a world class shopping experience. The parking capacity of the Werra mall is 536 slots.