Glover Road, Ikoyi is Benefitting from Commercial Demand Spillover with New Developments

Bisi Adedun . 11 months ago

Commercial real estate in Nigeria

Glover road

ikoyi

nigeria

Glover Road, Ikoyi is Benefitting from Commercial Demand Spillover with New Developments

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Lately, Alfred Rewane Road has developed a reputation for being Lagos’ prime location for A and A+ grade office buildings as tracked by Estate Intel’s Market Analysis page for the Ikoyi office market. While demand for top grade office buildings is high within that area, there is limited land space. As a result, demand is…


Lately, Alfred Rewane Road has developed a reputation for being Lagos’ prime location for A and A+ grade office buildings as tracked by Estate Intel’s Market Analysis page for the Ikoyi office market. While demand for top grade office buildings is high within that area, there is limited land space. As a result, demand is spilling into surrounding areas – particularly Glover Road. 

Consequently, Glover road is witnessing an uptick in construction activity. This activity is not limited to just office buildings but also includes residential and mixed-use developments. As such, this article will be highlighting some of the notable commercial developments on Glover Road.

 

Which are the new commercial developments on Glover Road, Ikoyi?

 

  1. Ulesh Ikoyi
Ulesh Ikoyi on Glover road

Ulesh Ikoyi on Glover road

 

Status: Under Construction

 

Ulesh Ikoyi is an ongoing 15-floor mixed-use development located on 47a Glover road. Once complete, the development is expected to be composed of:

  • 6 floors of parking space, 
  • 7 floors as commercial space occupying 12,675m2; and
  • 2 floors as residential space occupying 3,605m2

 

The project which commenced construction in the first quarter of 2021 is expected to be completed by Q4:2023. It boasts of a project team consisting of:

 

  1. Nigeria Deposit Insurance Corporation (NDIC)
Nigeria Deposit Insurance Corporation (NDIC) Head office on Glover Road

Nigeria Deposit Insurance Corporation (NDIC) Head office on Glover Road

 

Status: Under construction

 

The Nigeria Deposit Insurance Corporation (NDIC) Head Office is one of the ongoing office developments located on Glover Road, Ikoyi. While it will be owner-occupied by the corporation, it will contribute 13 floors of Grade A office space to the Ikoyi office market.

 

The project is expected to be completed in H2:2023, and has a project team consisting of:

 

  1. 27 Glover Office Tower
27 Glover Office Tower on Glover road

27 Glover Office Tower on Glover road

 

Status: Under construction

 

The 27 Glover Office Tower is an ongoing commercial development in Ikoyi. Once complete the development is expected to comprise of at least 7 floors of Grade A+ office space with a Gross Leasable Area of 8,160m2.

 

The project was expected to be completed in late 2022, however, it is still ongoing with a new expected completion date of Q4:2023. The project team consists of:

 

  1.  18c Glover Road, Ikoyi
18c Glover Road

18c Glover Road

 

Status: Under construction

 

18c Glover Road development is a 3-floor office development. Once complete, the development will contribute 2,100m2 of Grade B office space to the Ikoyi office market.

 

With an expected completion date of the Q4:2023, the project is being undertaken by a team consisting of:

 

  1. ikona
iKona on Glover Road

Ikona on Glover Road

 

Status: Conceptual

 

ikona is a 12-floor conceptual residential development set to be added to Glover Road’s array of commercial projects by 2025. The deluxe project, which is being developed by Misa Limited, will feature a gym, pool, and spa facilities for residents.

 

 

These Developments Will Increase the Supply of Top Quality Office Buildings in Lagos

The new developments point to growing interest and demand for high-grade office spaces within the Ikoyi market. So far, key market drivers are top finance, technology and oil and gas companies in the city. According to the Estate Intel Market Analysis dashboard, average rent/m2 for A+ and A grade office spaces in Ikoyi have been on an upward trend from 2022 increasing by 11.2% and 16.6% respectively; which bodes well for the market outlook.

 

Estate Intel loves your feedback! Let the Estate Intel Insights team know what you think about The Ongoing Office Developments on Glover Road, Ikoyi by sending an email to [email protected].

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