CASE STUDY:
LES CASCADES BUILDING
Background
Lavastone Properties is the proud owner of Les Cascades Building, an eight-floor office building strategically located opposite the new Supreme Court of Mauritius, at the corner of Edith Cavell and Desroches streets in Port Louis. Boasting a Gross Lease Area (GLA) of 55,344 ft2, Les Cascades offers its tenants a convenient location in the heart of the capital, granting them easy access to facilities like restaurants, banks and bus stops. The building was designed as a modern and versatile space, featuring a reception and lobby, two elevators, 24/7 security, and ample covered and uncovered parking spaces.
At Lavastone Properties, it is our belief that an office is more than a physical location: it reflects an organisation’s values, significantly influences productivity and engagement levels, and has the potential to catalyse innovation and transformation. We work closely with our tenants to deliver spaces that not only enhance the employee experience, but that also evolve along with their current and future goals.
The challenge
IQ-EQ, one of the largest investor services firms in Mauritius with over US$ 150 billion of Assets under Management, is one of Lavastone Properties’ key long-standing tenants. Prior to 2016, the business was occupying seven floors (ground, 1st, 2nd, 3rd 4th, 5th and 6th) in Les Cascades Building to house its 450 employees. It is worth noting that IQ EQ’s headquarters in Mauritius are the backbone of their global operations. Their office environment is therefore a driving force of their success and critical to their ability to continue serving their ever-growing network of international clients.
In the context of their continued growth and expansion plans, IQ-EQ determined that they required additional space and considered vacating their premises in Les Cascades Building to relocate to a new office.
The solution
In line with our philosophy to place our tenants at the heart of our priorities, Lavastone Properties set out to gain a better understanding of IQ-EQ’s workplace needs. Our team carried out a comprehensive analysis and took a deep-dive into the various departments and facets of the business. The analysis revealed that the office space could be further optimised, although additional space would ultimately still be needed.
We embarked on a collaborative project for the purposeful renovation and modernisation of IQ-EQ’s existing office environment, enabling them to not only stay in place and carry on their activities uninterrupted, but also to accommodate their growing workforce and yield significant cost savings while doing so.
Our approach
Remodelling an existing space, especially one that continues to be occupied by tenants, is a complex endeavour requiring a carefully staged plan. In determining the best approach, we laid out the key conditions, challenges and motivations for the refurbishment:
• Alignment with business objectives and long-term strategy
• Optimal use of space
• Keeping interruptions in business operations to a minimum, taking into account the temporary limitation on the use of certain areas/equipment during construction
• Enhancement of employee wellbeing, productivity, collaboration and engagement
• Reduction in costs for the client
With these in mind, we opted for a phased approach, one floor at a time.
Step 1
2018 – Relocation of Cim Finance
At the time, Cim Financial Services, another one of our key tenants, was housed on the 8th floor of Les Cascades Building. We worked closely with them to work out a scenario that would benefit all three parties equally. In line with their strategy, we encouraged them to consolidate their operations and teams in St Georges and Manhattan building (now known as Cim House), leading them to vacate their premises in Les Cascades Building, and releasing 5,422 ft2 of space for IQ-EQ.
Step 2
2018 – Revamping of CIM House
To accommodate Cim House, Cim Financial Services’ head office, we freed up the ground floor of St George building and renovated it to accommodate the Cim House building. We then renovated the Manhattan building in record time. Both spaces were enhanced to meet Cim’s demands for a modern and flexible workspace, comprising a large and cosy messroom, adjustable training and meeting rooms, lift facilities and a brand-new retail area.
Step 3
2018 – Refurbishment of the 2nd and 8th floors
In parallel, we began the phased renovations of the 2nd and 8th floors dedicated to IQ-EQ in Les Cascades Building, which were completed in Q4 and Q1 respectively. With the renovation of the 2nd floor, we created a modern space with a large messroom area, a gym and a reading corner for IQ-EQ staff. The 8th floor was refurbished with additional seating capacity of up to 75 people and two large meeting rooms.
Step 4
2021 – Refurbishment of the 4th, 5th and 6th floors
After obtaining the approval of IQ EQ, we tackled the refurbishment of the 4th, 5th and 6th floors in succession. We assisted the client in selecting the most appropriate fit-out for their offices and Mechanical and Engineering (M&A) works, as well as the best sequence of works to ensure the floor would be ready within the agreed timeframe. Our involvement also included helping the client evaluate quotes, communicate with appointed contractors and follow up on the works being carried out on site to ensure they meet the quality standards set in place. Following the renovation, the 4th floor was able to house an additional 26 people.
Step 5
2022 – Acquisition of the 7th floor
We acquired the 7th floor of the building following the departure of the British High Commission, liberating an additional 5,500 ft2 of space for IQ-EQ’s growing workforce, with a view to making all upper floors of Cascades Building exclusively occupied by IQ-EQ.
Alterations to the 7th floor have already been completed and awaits to be fitted out in accordance with IQ-EQ’s requirements. As part of the collaborative approach adopted by Lavastone Properties, the fit-out works required for this floor will be carried out as from January 2023.
We are also proceeding with the revamping of toilet blocks throughout the building, including the installation of water saving devices to reduce the building’s water consumption.
Results and outcomes
For Lavastone
• Increased GLA of 211m2 leased to IQ-EQ
• Extension of the Lease Agreement until 2027
For IQ-EQ
• Availability of 5,001m2 GLA at Les Cascades Building
• Modern and attractive work environment to attract and retain key talent