JCD launches The Viridian, rent-to-own property scheme
It is landmark real estate project, coming under the company’s initiative of Pay Rent and Own Property (P.R.O.P). P.R.O.P. is a distinctive product developed to aid the acquisition of properties, both by individuals and corporate organisations. P.R.O.P. is a lease combined with an option to purchase a property within a specified period, at a pre-agreed lease price.
SET to boost property ownership in Nigeria, a leading real estate firm, James Cubitt Developments (JCD) has unveiled a luxury commercial development known as ‘The Viridian’.
The Viridian is coming under the company’s initiative of Pay Rent and Own Property (P.R.O.P). P.R.O.P. is a distinctive product developed to aid the acquisition of properties, both by individuals and corporate organisations. P.R.O.P. is a lease combined with an option to purchase a property within a specified period, at a pre-agreed lease price.
With this development, JCB is now the first real estate firm in Nigeria to offer a rent into ownership plan for home, office and retail spaces.
The flagship commercial development, The Viridian, is a futuristic commercial office development that combines technology and smart thinking for reduced energy consumption and sustainability.
Located in Victoria Island on Teslim Elias Road, the commercial project has been designed to cater for the needs of modern technology or consulting businesses. It delivers world-class connectivity and provides generous spaces for collaboration, knowledge sharing and rejuvenation. Some of the facilities include a world class digital clinic, IT automation and connectivity, a gaming and team bonding room, guest hot-desks, central biometric access control as well as digital weather and traffic monitoring displays.
According to the development firm, an initiative is an innovative approach to delivering world-class properties to clients without the hassle of a heavy upfront payment. “With JCD’s P.R.O.P. scheme, individuals and businesses now have the choice of paying their annual lease like they would normally do, with the added advantage of owning the property at the end of the payment period”, the company said in a statement made available to The Guardian last week.
Also, P.R.O.P. is unique in several ways. Its distinctive attributes include a finite payment period that is pre-agreed at inception of the transaction. The first year’s rent payment is the only qualifying requirement for this scheme until the property is delivered. Thereafter, the prospective property owner can simply move in and continue to pay the usual annual rent then exercise the option to own the property at the end of the agreed period.
According to the Managing Director, James Cubitt Developments, Mr. Oyediran Akinniranye, the rationale for P.R.O.P, has been extensively examined before this time. “We have thoroughly discussed this model, as an organisation and also with stakeholders who will partner in facilitating this scheme. As can be seen from our antecedents, JCD does not offer any product that cannot stand the test of time. This scheme is not only for individuals who seek to own homes, we have gone a step ahead of the market to offer P.R.O.P. to businesses who want to own their own office or retail space. This is one of the key distinguishing features of P.R.O.P.”
We are the first development firm in Nigeria to offer a rent into ownership plan for home, office and retail spaces.” He went on further to say that “our investors know our pedigree and are excited to go with us on this journey. This is not to say that there are no risks associated with this model; we have carefully considered them and worked assiduously to provide satisfactory mitigations for our investors. “
JCD is also bringing a world-class builders mall in Lekki and a residential development in Victoria Island under the P.R.O.P scheme in 2016.