Eight months after the acquisition of a 14.5-hectare educational facility by James Hope College, another 8.2-hectare of mixed-used land has come up for sale in Twin Lakes Estate via Broll Nigeria.
Twin Lakes Estate is a mixed-use site and service development sponsored by Chevron Nigeria Limited Pension Fund. It was built by Julius Berger Plc. and designed by FMA Architects. The estate has two artificial lakes, residential zoned areas, a large scale hospital, a now-suspended Actis-sponsored c.18,000 sqm. retail project called Twin Lakes Mall, and the new campus for American International School (AIS).
Twin Lakes Estate is located along the Lekki Expressway, opposite Chevron Nigeria Headquarters. The estate commands a premium over surrounding areas such as Chevron and Victoria Garden City (VGC) because of facilities and amenities available, the quality of construction and its sponsor. To access land prices across various areas in Africa, simply login to Estate Intel.
After Nigeria fell into a recession in 2016, some investors appear to be exiting while others are pursuing a long term strategy of acquiring assets that will be attractive in the years to come. As we mentioned earlier, there were plans for a large scale hospital for Twin Lakes Estate, however, progress on this is uncertain. Could we be seeing another disposal? We’ll be on the lookout.