Foreign investors commit to investment in Grosvenors Place
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Sabreworks Real Estate Investment Limited, developer of the Grosvenors Place commercial project in Ikeja, Lagos, says a delegation of foreign investors has signed an investment memorandum after visiting the site this week.
Sabreworks Real Estate Investment Limited, developer of Grosvenors Place, has confirmed the signing of an investment memorandum with a delegation of foreign investors who visited the site this week. The development, described as the 'Lagos Central Business Address', sits at 100 Obafemi Awolowo Way, Ikeja, Lagos, and is designed to house some of the most premium businesses in Lagos.
Plans for the commercial property include a spa, a lounge, an art gallery, a restaurant, gyms and other lifestyle and commercial amenities under one address. Grosvenors Place is positioned as a full commercial ecosystem blending business, leisure and lifestyle, a mix that the company says is part of what drew the foreign delegation to commit to the project.
To make investment in the building accessible to more people, Sabreworks created the Grosvenors Collective Ownership Scheme (GCOS), under which five investors can pool resources to own a unit together. Each investor contributes a minimum of 20 million naira, with the group jointly owning 20 square metres of commercial space. Several businesses are already on a waiting list to lease space at the property once complete, which means early investors in the fractional ownership scheme are positioned to earn rental income as soon as leasing begins.
Segun Phillips, Managing Director of Sabreworks Real Estate Investment Limited, said the signing by foreign investors confirms the value of the project, and that GCOS allows everyday Nigerians, not just large corporations, to hold a stake in a landmark address at the heart of Lagos.