Gateway Mall is a two-phase shopping mall development located close to Lugbe, along Airport Road in Abuja. The first phase of this development by Novare Equity Partners will deliver 15,000sqm of retail space by April 2017 with a range of tenants including Shoprite, Lifemate and Genesis Deluxe Cinemas. The second phase will add another 10,000sqm to the mall, however a timeline for this addition has not been specified.
When both phases are complete, Gateway Mall will be the largest development in Novare’s portfolio. Much larger than the 8,300sqm Apo Mall (formely the Grand Towers Abuja Mall), which is located approximately 18km away from the Gateway Mall site and the 22,000sqm Lekki Mall in Lagos, which is still under construction.
Images published Novare Equity Partners show that there was site clearing activity occurring in July and August 2015. However, uncertainty in the retail industry as a result of recent CBN regulation may encourage some retail developers in Nigeria to remain cautious.
Nonetheless, Abuja’s rapidly growing population and average GDP growth rates that have been above 10% p.a over the last decade make the region an attractive one for real estate investors. An existing pipeline that comprises Jabi Lake Mall by Actis and Asokoro Mall by RMB Westport mean that the retail offering in Abuja will be significantly improved over the next 24 months. Competition among developers should also increase, as they push to ensure their developments have a unique selling point in the midst of growing supply.
Brown inQ designed the mall and Monterosa, the contractors behind Lake Point Towers in Banana Island, Lagos will be building it.
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