Adding to the existing pipeline of high rise developments on Alfred Rewane (Kingsway) Road in Ikoyi, Sogenal Tower will be a 15 floor mixed use tower featuring office, residential and leisure elements. This planned development, designed by James Cubitt is located on the corner of Cameron and Alfred Rewane Road. According to the James Cubitt, it will offer 9,100sqm of lettable office space on the 2nd to 8th floor, twelve 2 bed apartments on the 9th – 12th floor and a restaurant and fitness center above. The penthouse will accommodate the Sogenal Managing Director’s office and apartment.
Though this project has been on hold for over 18 months, other developments of similar scale on Alfred Rewane Road like Heritage Place, Temple Tower and B.A.T Rising Sun are nearing completion while others including Alliance Place and Kingsway Tower are in early stages of construction. The large amounts of office space coming onto the market in Lagos has brought speculation regarding the sustainability of high office rents often seen across Lagos, especially in Ikoyi, where average asking rents are known to be $1,000 per square meter per annum. Reports from real estate services providers present in Lagos have explained that asking rents in Ikoyi fell to $965 in Q1 2015 with additional pressure expected in coming months.
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