Paragon Architects has collaborated with respected Ghanaian multi-disciplinary design practice MultiCAD on the first commercial office building at Appolonia City for Gateway Real Estate Africa (GREA). The Grade A commercial complex will offer both corporate office and retail space, and be anchored by Appolonia City to house its headquarters and sales office. A total of $4 million will be invested in the first phase of the project.
Appolonia City is a 2 325 acre master-planned new city in Greater Accra. Designed and delivered by Rendeavour, Africa’s largest city developer, it caters for integrated living. With more than 500 homes completed or under construction, it is rapidly becoming the destination of choice for companies and individuals seeking a healthier environment outside of congested Accra itself.
Construction of the four-storey building is set to commence soon, with completion anticipated in 2022. It will benefit from Appolonia City’s existing world-class infrastructure such as roads, power, water, waste management and ICT.
“This is a jewel of a project for us, with real reach and influence,” comments Paragon Group Director Henning Rasmuss. In relation to the office development sector in Africa, projects such as Appolonia City are important destinations that deliver better, healthier and more efficient working environments to the fast-growing companies and the skilled workforce attracted to African capital cities.
“The Covid-19 pandemic has shifted more focus onto wellness, integrated living and the retention of valuable key staff in new city locations. The timing of the construction of this project could not be better,” highlights Rasmuss.
“We are pleased to partner with Appolonia City on our first office building in Ghana. Like all our real-estate solutions across Africa, it will have quality leases and strong counterparties, starting with Appolonia City itself,” stresses GREA Chief Investment Officer Andre Janari.
“We are delighted to welcome GREA to Appolonia City to develop the first office building. We already have high demand for office and retail space from companies and individuals wishing to enjoy our ‘Live, Work, Play’ environment, with offices, homes, schools and shops all within walking distance,” elaborates Appolonia City CEO Bright Owusu-Amofah.
GREA is affiliated with Grit Real Estate Investment Group (Grit). It was established by Greg Pearson and Bronwyn Corbett, founder members of Grit, after recognising the need for bespoke turnkey developments in select African countries.
Established in 2014, Grit is the largest pan-African real estate income group, listed on several stock exchanges, including the main market of the London Stock Exchange. Grit currently operates across seven countries, with direct investments in five asset classes and 47 assets valued at circa $823 million. In Ghana, Grit has invested $45 million over the last three years in prime commercial office space, including Capital Place, CADS II and 5th Avenue Corporate Offices in Accra.
Sir Samuel Jonah, one of Africa and Ghana’s leading businessmen and a member of the Grit board, adds: “GREA’s investment in Appolonia City’s first office building is a demonstration of GREA and Grit’s vision for superior quality real estate in Africa, and setting a benchmark for international investment in Ghana.”
The construction project will support Accra’s economy, thanks to GREA’s synergies with Ghanaian professionals such as construction specialists, highly-qualified architects and engineers and quantity surveyors and construction workers.
Paragon Architects, part of the Paragon Group, is a dynamic and agile, continentally-active architecture and interior design business with experience in 24 African countries, and with completed and current ongoing projects in Ghana.