People in Asaba and its environs will have the pleasure of shopping at the Asaba Mall when it opens in November, this year, as proposed by its developers.
The Mall, which is located on the corner of Okpanam – lllah Road and Nnebisi Road, near the Government House, Asaba, Delta State, has various shop sizes- 25 – 400sqm -that are for lease for a minimum of two years with N6,000,000.00 as average rent per annum. All payments are made in Naira at the prevailing Market Naira equivalent. It has 270 parking bays.
Shoprite is the anchor tenant at the mall, which has 36 shops available, excluding Shoprite’s. It has a food court with provision for sitting and shop owners may also provide additional dedicated seating within their space.
Asaba Mall is developed as a Joint Venture between Resilient Africa and Baysol Development with the support of Delta State Government.
Prospective lessors who need bigger shops can merge two shops but such request must be made early enough to accommodate the construction period, company officials said.
They said beneficial occupation would be communicated and would be for a period from 30 – 60 days, depending on the nature of the business.
Beneficial occupation, they said means the rent free period tenants are allowed to fit-out their shops. The tenant’s contractors will be expected to move to site and work at this time.
They most work and finish the shop within a stipulated time given to them; once this period expires, the tenant’s rent will start counting the next day. Please note that utility consumption charges are payable during this period.
“The User clause of individual retailers in the Heads of Terms and Lease agreement will be strictly adhered to, so that healthy competition is maintained for all categories of retail in the Mall.”
A shop cannot be shared by two retailers. “However, we can deal with one tenant and allow a concession, but this is at the discretion of the Tenants’ Approval Committee.”
The trading date, they said is the date the project management has set as the date the tenant’s shop will start trading. In the event that the tenant does not start trading on the commencement date, such a tenant may be penalized if the reason for non- opening on the commencement date is the fault of the tenant. In any event, the tenant’s rent starts counting on the trading date.
Service charge paid by shop occupants will comprise cleaning expenses, refuse removal charges, security expenses, air-conditioning running and maintenance cost (for the common areas of the mall, not the shop space) building amenity cost, towel and toiletry services, cost of maintaining indoor and outdoor plants, landscaping cost, maintenance contracts and general maintenance of the common areas of the mall, cost of redecorating and planting, wages and salaries and other employment cost of all the employees of the landlord or its representatives engaged in operation and maintenance of the building and property.
There is also Fit-out deposit, which is “equivalent to the first month’s basic rent, paid before the Beneficial Occupation commences.
The deposit will be used for defraying the levy charged for refuse rubble removal and clearing and cleaning of the premises for non-compliance or damage caused by the tenant or his contractors during fit- out. If not expended, same shall be offset against the initial rent.”
The tenant, they said would pay deposit together with the submission of its executed Heads of Terms, the required deposits before commencement of the lease upon acceptance by the landlord.
The security deposit is equivalent to the last quarter’s rent of the lease period, and the service charge is equivalent to the last quarter’s service charge. There are two ways a tenant can pay the security deposit (rent). It can be paid in cash or by providing a Bank Guarantee. If the tenant opts for the latter, then his Bankers will have to provide the landlord with an irrevocable Bank Guarantee covering the 3 months’ rent.
They said, “In the absence of providing the landlord with a Bank Guarantee, the tenant will be required to pay one third of the deposit and service charge upon signing of the Heads of Terms. The remaining two thirds will be paid before the tenant’s beneficial occupation date. Please note that a Bank Guarantee is acceptable for the security deposit only and not for the service charge deposit.”
Tenant can rent pay annually and during such cases the security deposit is waived, they said. And that the tenant can pay service charge annually and during such cases the service charge deposit is waived.
The deposits are refunded three months after the expiration of the lease period. However, the amount refunded will be the amount less any outstanding amount the tenant owes at the end of the lease term.