NIS Lagos building to get a facelift

The Nigerian Institution of Surveyors’ building, also known as the professional centre, which is located in Victoria Island, Lagos is set to receive a facelift after several years.

The repairs on the nine-storey building, comprising seven floors, a ground floor and basement, is expected to gulp N250m and to be handled by MI Okoro and Associates, an estate surveyors and valuers firm that won the bid for the renovation.

The NIS building valued at N2.5bn has been left vacant for some years following the expiration of the 20-year Build, Own and Transfer agreement the then leadership of the institution had with a developer.

It was learnt that the land on which the building was erected, had been acquired.

Several years after, it became necessary for the institution to renovate the building held in trust by elected trustees of NIS, such as Alhaji Al-Ghali Kasim (chairman); Prof Francis Fajemirokun, Mr. Hezekiah Madumere, Mr. Yakubu Maikano and Mr. Bode Adeaga.

According to the Founding Partner of MI Okoro and Associates, Dr. Meckson Okoro, the institution began calling for bids about two years ago but for some administrative reasons, the renovation did not commence.

 “We won the bid to renovate it on behalf of NIS. The arrangement is that NIS will fund the project while MI will coordinate and thereafter, lease and manage,” he said.

Okoro said the renovation, which started about five months ago, was expected to be completed by December.

He said, “Basically, the work is going on as expected, we have four lifts that will be fixed. Between the board and council of NIS, they have agreed to raise fund within themselves so that the project will not entirely depend on the bank. They want something different from what it was 20 years ago when it was given out.

“The funding is through Enterprise Bank but while we were waiting for documentation, some funds, about N40m was released to start the work. What we hope to achieve is to totally overhaul the building; we are scraping from the tiles to the ceilings and wirings. The place was vandalised earlier before we took over so we are going to put it back into a habitable condition.”

Okoro said new features such as fire detectors would be added to the building to enable it to compete favourably with other high-rise buildings in the area while the rental fees would also be at par with industry standards.

“We would allow tenants to install split units as opposed to central system. Lagos State government with its independent power supply has also inspected the building and if we conclude arrangement with them, it will help us a lot from burning diesel,” he said.

He added that the first five years from the date of full occupancy of the building, MI Okoro and Associates would be responsible for its management after which a contract renewal would be considered.

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