CASE STUDIES

Retail Advisory

Lagos City Mall, Lagos – Site Evaluation
Client: Private Client
Assignment: MCO Real Estate were engaged to undertake a site evaluation of a 5,000 square metre site in a high density mixed commercial and residential area on the Lagos Mainland. The task involved a site analysis, an area analysis and a market analysis which would serve as a basis for raising funding for the project. MCO Real Estate was highly commended as to the quality and professionalism of their work.
Current Status: Pending development subject to funding

Adeola Odeku Mall, Lagos – Highest and Best Use Analysis
Client: High Net-Worth Private Client
Assignment: MCO Real Estate was asked to undertake a market and financial feasibility study for a retail development on a prime site on Adeola Odeku Road, Victoria Island.  The aim of the assignment was to confirm the viability of the concept and lay the groundwork for raising finance for the development. The assignment included a Highest and Best Use Study with an options analysis included potential for retail, office, residential or petrol station uses. Final choice of retail use led to a feasibility study and cashflow analysis to prove the viability of the choice of retail development
Current Status: Pending development

Imani Mall, Abuja – Feasibility Study
Client: Imani Group
Assignment: MCO Real Estate was engaged by the Imani Group in conjunction with the W Hospitality Group to deliver a feasibility study for a 6 storey 21,000 square metre GLA shopping mall in Maitama, Abuja. The work included a market and financial study to analyse existing and proposed demand and supply, competitor establishments and the projected profit potential of the establishment.
Current Status: The sponsors are currently in discussions with a South African fund to finance the development

Ilupeju Shopping Mall, Lagos – Feasibility Study
Client: OBA International
Assignment: MCO Real Estate was engaged to undertake a feasibility study for a shopping mall on a 18,478m2 site on Town Planning Way, Ilupeju Lagos. The feasibility study included a market demand study, competitor analysis and financial feasibility analysis including a ten year cashflow projection.
Current Status: The mall was opened in March 2016 and is trading under the Artee Group’s Spar brand

Residential Advisory

Solaris Residential Apartment Tower – Investment Appraisal
Client: Cachez
Assignment: MCORE was mandated to undertake an Investment Appraisal for a luxury15 storey residential development in Ikoyi comprising of 36 spacious luxury apartments and three penthouses on a 4,553 m2 site. Appraisal included site analysis, market positioning, market study of demand and existing and proposed supply.
Current Status: Pending development subject to planning permission

Parkview Apartment Tower – Feasibility Study & Investment Documentation
Client: Greer Estates Limited
Assignment: MCORE were approached by a developer to undertake a feasibility study and create an Investor Presentation and Marketing Documentation towards the pre-sales for a 7 floor, 11 unit luxury apartment building on a 1,200 square metre site in Parkview Estate, Ikoyi. The development included a suspended swimming pool, parking for 24 cars and superior fittings and finishes. The assignment entailed a market study plus a financial analysis identifying returns to investors.
Current Status: Pending development subject to funding

Gmelina Golf Estate, Asaba, Delta State – Feasibility Study
Client: Gmelina Golf Estate Limited
Assignment: Gmelina Golf Estate Ltd was seeking to develop a golf themed site and services residential estate on a 113.5 hectare site in Asaba in the South East of Nigeria. The Sponsors approached MCO Real Estate to undertake a feasibility study to validate the project and act as a basis for sourcing funding for the development. The feasibility study focused on the first phase of the project covering approximately 58 Hectares or 51 per cent of the site.
Current Status: Sales are ongoing

Jigna Estate, Abuja – Feasibility Study
Client: Rendeavour / Jigna Projects Ltd
Assignment: Jigna Projects Limited engaged MCO Real Estate Limited to undertake a feasibility study to validate the business case for a 707 hectare mixed use master-planned residential community in Abuja. The assignment involved an initial research project to identify residential land prices across 10 Abuja districts and a subsequent full feasibility study for the project..
Current Status: Design & planning has been completed by SOM (USA). The estate is currently testing the market by undergoing limited sales to friends and family. Full sales are expected to commence in early 2017. MCO Real Estate has also been invited to be part of the sales process.

Office / Residential / Mixed-Use Advisory

Office and Residential Towers, Victoria Island, Lagos – Investment Appraisal
Client: Property Advisory Firm (London)
Assignment: MCORE was mandated to undertake an Investment Appraisal of an 11 storey 30,000 sqm GLA commercial office tower and 12,232 sqm GIA 52 luxury apartment mixed-use scheme on 2.64 Ha of land in Victoria Island on behalf of a client seeking to acquire the assets. Appraisal included site analysis, market positioning, market study of demand and existing and proposed supply.
Current Status: The mixed use development has been successfully sold to a third party

Shell Mixed-Use Campus, Lekki, Lagos – Investment Appraisal
Client: Jones Lang LaSalle (JLL London) on behalf of Shell Nigeria
Assignment: MCORE was mandated by JLL to undertake an investment research report on behalf of its client, Shell for the valuation of a 20 hectare mixed use scheme incorporating residential towers, office towers, leisure space, retail space, serviced accommodation, education use and a hotel.
Current Status: Pending development

Office Tower, Oniru, Lagos – Marketing & Presentation Material for US$43m Capital Raise
Client: Landmark Group
Assignment: MCORE were engaged to create marketing and presentation material for the US$43M capital raise for the development of Landmark Towers, Lagos. This assignment came about following the engagement of MCORE’s principle while with Diamond Bank to arrange a US$15m equity investment in the company.
Current Status: Development is completed and fully let

Infrastructure / Alternative Assets Advisory

Oil Storage Depot, Calabar FTZ – Feasibility Study
Client: Oil and Gas Trading and Logistics Company
Assignment: MCORE was mandated by an Oil and Gas Trading and Logistics Company to provide a feasibility study for a 15,000 tonne tank farm storage facility on 3.5 hectares of land including delivery manifolds and interconnections to several pipelines in the Calabar Free Trade Zone. The assignment included the creation of a business plan and a 5 year cashflow analysis
Current Status: The feasibility study was presented to investors who have now funded a WAfrica wide expansion programme in addition to the earlier single site.

Research

Lagos Real Estate Market Report
Client: Dar Al Handasah / W Hospitality Group
Assignment: Dar is one of the world’s leading international consultancies, specialising in engineering, architecture, environmental planning, project management and economics. W Hospitality Group specialise in the provision of advisory services to the hotel, tourism and leisure industries. MCORE was commissioned by the parties to write an in-depth report on the Lagos Real Estate marketing incorporating commercial office, residential and retail with hospitality research undertaken by W Hospitality Group
Current Status: Standard of work was commended by the sponsor’s investors