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 offer end-to-end services along the real estate value chain. They are a subsidiary of UBA, 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.
Afriland were also behind the large Falomo Shopping Centre redevelopment project in Ikoyi, which was revoked by Governor Ambode on the grounds that the consideration for the concession was insufficient.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.