Elevation Residences offer a New Standard in Corporate Accommodation in Addis Ababa

● 112-unit residential tower development in the heart of Ethiopia’s capital city with state-of-the-art amenities
● Security, seismic and international standard compliant
● 75% let to Tier 1 counterparties; strong interest in remainder of tenancies
● Modern design to incorporate entertainment, business and family life
● Excellent location close to all amenities
● Co-developed by Verdant Ventures and Gateway Real Estate Africa

The market opportunity for international-standard housing in Addis Ababa, as the third largest consular community in the world, was a key factor in drawing global developers Verdant Ventures and Gateway Real Estate to Addis Ababa, where they launched Elevation Residences – a 112-unit residential tower offering state-of-the art amenities and safety suitable for Tier 1 clients.

Located in the blue ribbon zone, Elevation Residences is security, seismic and international standard compliant.

Tim Redman, CEO of Verdant Ventures, a US-based real estate development company specializing in corporate accommodation development in Africa and co-developer of Elevation Residences, commented:

“We are honoured to have been able to develop this opportunity in Ethiopia, offering the highest level, seismically rated and secure housing to further support the country’s pole position as an international hub for corporates and diplomatic engagements. It’s a position that we see as a long-term opportunity that will continue to be a high priority for corporates and a high value acquisition target for African real estate investors.”

Verdant Ventures’ vision is to provide diplomatic real estate projects that create safe environments for diplomats, flourishing workers, and delighted investors. Verdant Ventures is led by a world-class real estate development and investment team with decades of combined on-the-ground operational experience in Africa.

“We are thrilled to see the completion of Elevation Residences within the required time frame despite the impact of Covid-19. The development offers design and amenities to integrate lifestyle elements such as entertainment, business and family within its secure environment,”said Greg Pearson, CEO and co-founder of Mauritian based Gateway Real Estate Africa, who co-developed Elevation Residences with Africa-focused Verdant Ventures.

Gateway Real Estate Africa is a private real estate development company registered in Mauritius.

It specialises in turnkey construction of accommodation for international companies and retailers who wish to expand their operations on the African continent. The company creates value for shareholders through development, through rental income from tenanted developments and through the sale of assets at the appropriate time.

“The interior courtyard with swimming pool provides a tranquil area for relaxation as well as an opportunity for residents and visitors to connect. In addition, an elevated deck area at the top of the residence building was designed to give residents both privacy and spectacular views of the area.

“For the building’s exterior aesthetic, the architect’s design included stucco exterior walls using a palette of natural colours.”

Elevation Residences is located in Gulele, a few kilometres northwest of Addis Ababa University. The development is located on a river and overlooks protected forest land. It is in close proximity to many shops, restaurants, hospitals, and the airport.

Strong emphasis was placed on local procurement and contracting local professional firms.

Approximately 750 construction jobs were created as a result of the development. Local professional teams included SYMBIO, Elmi Olindo & Co, Bamacon Engineering Plc, Bigar Architects, Mehrteab &
Associates Office, KPMG Ethiopia, Grant Thornton Ethiopia, Davis & Shirtliff, SGS Ethiopia among others.

The average size of an apartment is 134 m2 (approx. 1,445ft2) and each unit offers a safe room with security door. The centralized fire system as well as the design and installation of all utilities meet the International Building Code’s health and safety standards for apartment construction.

The development offers residents free wi-fi access in designated common areas and access to satellite TV.

Each apartment is equipped with a dishwasher, washing machine, washing dryer, fridge, stove, oven and microwave. There are ceiling fans in each bedroom. Common area amenities include a roof deck entertainment area with spectacular views, a Tier 1 fitness centre and heated pool and children’s play area.

There are also private BBQ facilities that residents can pre-book as well as a dog-walking area. The lobby of Elevation Residences caters for business meetings and is serviced by a café.

The developers have also been actively participating in corporate social responsibility works, creating job opportunities within the local community, providing on-the-job training, refurbishing communal infrastructure including new drainage systems, road and streetlight upgrades, the beautification of surroundings and supporting local youth in start-up businesses.

Elevation Residences is the first joint development by Verdant Ventures and Gateway Real Estate Africa, with a second development in Nairobi, Kenya, currently underway.

Mauritius based and London listed Africa property specialist, Grit Real Estate Income Group, who owns a stake in Gateway Real Estate Africa, will be responsible for the asset management of Elevation Residences.

BEA Team