Maitama Mall is a landmark mixed use project with a gross build area of 82,000m2 in the affluent core of Abuja, Maitama, located at the roundabout where Shehu Shagari Way and Ibrahim Babangida Way intersect.
The project will cost $220 million and include retail, office and hospitality elements. It is being sponsored by the Momentum Africa Real Estate Fund and Imani & Sons, where Eris Property Group is the development partner and advisor. The entire project will be completed in 2 phases over a 3 year period starting in the 1st Quarter 2017 and ending in April 2019. Similar to their other projects, Boogertman and Partners designed the development and it will offer impressive parking ratios at 4 bays per 100 for retail and 3 bays per 100 for the office segment.
The Maitama Mall will offer 23,855m2 of gross lettable retail space. It is the largest component of this mixed use project and will cost $100 million (±$4,200/m2) to develop. Completion is slated for December 2018. It will be anchored by one of the world’s largest retailers not yet in Nigeria taking 4000m2 + an additional 4000m2 for European fashion line shops.
The tenant mix is said to cater to the Nigerian consumer through a wholesome in-line mix of high end luxury fashion retailers, European, Middle East and American fashion and cosmetic retailers, local retailers, fine dining restaurants, food court and a cinema.
Maitama holds strong diplomatic significance in Abuja as it is the base for many Embassies, overall it is home to a very wealthy demographic. The mall is expected to serve the Maitama region, as well as surrounding neighbourhoods of Asokoro, Wuse I & II, Katampe, Gwarimpa and Kukwaba. It’s strategic location at the intersection of Shehu Shagari Way and Ibrahim Babangida Way will allow it to tap into convenience shoppers and impulse buyers.
The formal retail market is rapidly growing and investors like Actis, Novare and RMB Westport have existing or upcoming investments in the region. Weighted average rents in Abuja are ±$55/m2/month according to Broll Nigeria.
The office component of the Maitama Mall will offer 6,494m2 of gross lettable area spread out over 6 floors with a floor plate size of ±1,000m2 each. It will cost $40 million (±$6,150/m2) to develop and completion is expected in April 2019. Though it is known to be an affluent residential area, Maitama is rapidly becoming more commercial. Recently developed properties including Clan Place and Capital Centrum can testify to this. According to Broll Nigeria, average asking rents for prime offices in Abuja are N80,000/m2/annum, which comes to ±$400/m2/annum at the $ interbank rate.
A 5 Star Radisson Blu hotel will also be a part of the Maitama Mall. Similar to the office component, it will be completed in April 2019. With 250 keys, this hotel will cost $80 million ($320,000/key).