Published 22 December 2014. Updated 19th June 2016.
- Name: Maryland Mall;
- Location – Ikorodu Road (Maryland, Ikeja);
- Size: 7,000sqm GLA;
- Use: Retail [40 Shops, 4 Cinema Screens, 2 Restaurants, 1 Food Court, 1 Bar/Lounge];
- Developers: Purple Capital Partners;
- Debt Providers: Stanbic IBTC Capital and AXA Mansard Investments;
- Expected Completion: 2016 Q2;
- Parking: 219;
- Architects: CMDesign Atelier;
- Cost: $19.5m;
- Completion date: June 2016.
Maryland Mall is a 7,000sqm retail development located on Ikorodu road, in Maryland, Ikeja. The development is a reiteration of the aggressive stance investors are taking in the Nigerian retail real estate space, a large proportion of which is been focused on the Lekki-Epe Express way. However this mall, which is strategically located on the mainland, should be able to thrive given the large volume of consumers in this region. Delivery is expected in June 2016.
It is located close to Ikeja City Mall, currently the largest mall in Lagos at 22,000sqm. Some notable tenants in the new mall include Newscafe, Shoprite, LG, Samsung Montaigne Place, Genesis Deluxe Cinemas, The Ice Cream Factory and a few others.
The retail real estate market is a difficult one to analyse, but if we evaluate fundamentals in terms of amount of retail space available per capita it is easy to see that Nigeria is chronically lagging behind globally and even with our African counterparts, Kenya and South Africa. While this means there is a large opportunity, it is important to note that in an increasingly competitive market like Lagos, developers need to consider location, tenant mix and parking facilities much more as these are easy deal breakers for tenants and prospective shoppers.
Purple Capital Partners are the developers and financiers of this project. They are a specialist investment firm with business areas in Principal Investment, Private Equity and Real Estate. They seek to offer a range of alternative investment opportunities for themselves as well as institutional and private investors. They are involved in luxury residential projects in Ikoyi and Oniru and have recently commenced work on a boutique hotel in Oniru called The Art Hotel.
See MarylandMallNg.com for more.