January 29, 2018

Updated – Development: Raymond House, Broad Street, Lagos Island – Lagos

Dolapo Omidire

  • Name: Raymond House;
  • Location: 97/105 Broad Street, Lagos Island – Lagos;
  • Floors: 7;
  • Developer: Afriland Properties;
  • Contractor: Cappa & D’Alberto;
  • Architect: Pieach Limited;
  • Mechanical, Electric and Plumbing Engineer: Etco;
  • Other members of Project team: FO & AB Partnership; Sanni Ojo & Partners.
  • Published: November 2016. Updated: January 2018.

Raymond House, a 7-floor office property located at the intersection of Broad Street and Martins Street in Lagos Island is currently being renovated by Afriland Properties. Afriland is a Nigerian property management, investment and development company with a large land bank that offers end-to-end services along the real estate value chain. They are one of Nigeria’s largest banks and are also listed on the NASD OTC.

According to their 2015 Annual Report, Afriland recently acquired the property, which was once occupied by UBA Securities and other tenants and intend on transforming it into a world-class business office. Average asking rents on Lagos Island for formal office spaces range between ₦20,000/m2/annum to₦35,000/m2/annum depending on the quality of the build (and landlord).

The project team is made up of high-profile contractors and consultants who typically work on Grade A developments in prime regions of Lagos. The main contractor is Cappa & D’Alberto and the Architect is Pieach Limited who have designed multiple projects for Cadwell  Limited. The building’s cladding is at over 90% and all its windows above ground floor level have been installed. Completion is estimated to be achieved later in the year.

Afriland were also behind the large Falomo Shopping Centre redevelopment project in Ikoyi, which was revoked by Governor Ambode on the grounds that the consideration for the concession was insufficient. In 2015, Afriland’s total revenue grew by 24.10% to ₦1.35 billion but profit after tax declined by 23.57% to ₦1.15 billion from ₦1.51 billion in 2014.

Development: Raymond House, Broad Street, Lagos Island - Lagos
Development: Raymond House, Broad Street, Lagos Island – Lagos
Development: Raymond House, Broad Street, Lagos Island - Lagos
Development: Raymond House, Broad Street, Lagos Island – Lagos
January 2018. Updated - Development: Raymond House, Broad Street, Lagos Island - Lagos
January 2018. Updated – Development: Raymond House, Broad Street, Lagos Island – Lagos
January 2018. Updated - Development: Raymond House, Broad Street, Lagos Island - Lagos
January 2018. Updated – Development: Raymond House, Broad Street, Lagos Island – Lagos

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