The development pipeline for prime grade property in Lagos has been growing at an unrelenting pace recently. Across the city, boards showcasing future skyscrapers with the background of a busy construction site are becoming typical. Many of the new developments which are located in Ikoyi and Victoria Island (of course) are nearing completion and it appears many of them will be delivered in close proximity.
Year End 2014 and Q1 2015 will be a critical point for the office market in Lagos. The ample availability of office space means that tenants looking for space will be spoilt for choice. This will come with many unprecedented implications to the relatively harsh nature of the office market in Lagos. Any developer coming into the market in the next few years really needs to sit and think if their building has any unique selling points. “What’s your selling point?”
Here are a few short (perspective-driven) descriptions of the new buildings nearing completion in Victoria Island.
This nearly completed building in ‘Victoria Island’ (Oniru is more accurate) is a component of a larger mixed used development, which is said to include Hard Rock Cafe. As a religious toll gate avoider, I drive past this building everyday and I have seen it evolve. It is shedding its dark construction cladding to reveal an impressive exterior. Although, the building is still relatively isolated in this location, a few forthcoming leisure elements as well as the new event center, which will house a Church, should make this an exciting destination.
It’s a shame this waterfront property will soon be kilometers away from the shore once the Eko Atlantic project is complete.
Civic Center Towers
This office tower is a simple development which should do well mainly because of its good location. It’s right beside Falomo, which means great access to Ikoyi, Lagos Island and the mainland. It’s bang in the middle of Ozumba Mbadiwe Road, which means great access to Victoria Island and Lekki Epe Express. And the helipad next door could mean access to everywhere?!
The design is rather plain as ruthless maximisation of profit and space means that this tower looks like a cube. estate intel has dubbed Civic Center Tower – The Cube (patent pending).
Every time I see this building, I wonder what Kanti means? An acronym? A name? Something in Yoruba? Help me out.
The building is bursting from its seams. There’s no way it is on 40% of the land as planning law stipulates. It has a helipad.
Rose of Sharon Tower
Like Landmark Tower, I drive past this building everyday and this gorgeous Yoruba/German flower (Alakija/Julius Berger) has blossomed into a real beauty, living up to its name. The smooth, simple and clean finishing make the building a sight for sore eyes. It was not rushed and its so easy to tell, even from a distance. However, only a few floors are available as office space because most of it will be residential. This building joins 4 other residential towers on this relatively quiet/calm side of VI.
This development comprises two impressive 15 storey structures on Adeola Odeku/Ologun Agbaje Street. The site is also home to Victoria Island’s Post Office, which explains the root of its name. This huge development is striking and in this case bigger might actually be better. The developers are the same people also behind Marion Apartments in Ikoyi, Temple Tower on Kingsway Road and The Gerard Road Apartments opposite Parkview.
Considering the size of this building, it will be interesting to observe how long it will take for it to be fully occupied.
We’ve definitely got a lot coming on over the next few months. Which would you move into?