Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island – Lagos – Real Estate Market Data and Research for Nigeria and other African Countries | estate intel

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island – Lagos

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island - Lagos. May 2015. Image Source: Bolu-Tokun & Co.

  • Name: N.I.J House;
  • Developers: Nigerian Institute of Journalism;
  • Address: Adeyemo Alakija Street, Victoria Island – Lagos;
  • Size: 2,200sqm;
  • Floors: 5;
  • Contractor: Blougat Nigeria Limited;
  • Architect: Metroculture Nigeria;
  • Structural Engineer: EMMS Consulting;
  • Consultant: Qu-Ess Partnership;
  • Estate Surveyors: Bolu-Tokun & Co.;
  • MEP Engineer: John-Duv Engineering Consortium;
  • Date Completed: 2016.

After years of being abandoned, the Nigerian Institute of Journalism has completed the renovation of the previously derelict N.I.J House on Adeyemo Alakija Street in Victoria Island, Lagos. Renovation works began in Q2:2015 and finished in the same quarter in 2016. Metroculture Nigeria put together the design plans and Blougat Nigeria Limited executed the civil works.

The property has a gross lettable area of 2,200sqm spread out over 5 floors.

Renovation and Grade B/C projects are looking increasingly attractive as the Naira/Dollar rate spirals out of control. Compared to new builds, these projects gulp up far less dollars as they require less imported materials.

Tenants are also pushing back on dollar pegged rentals as the Naira continues to depreciate against the dollar. For most of them, their revenues are in Naira. In August 2015, the exchange rate was N197/$ at the inter-bank foreign exchange market. Today, the FMDQ Spot for ($/N) is N316. Office developments that were funded in dollars have far less flexibility to introduce Naira rentals but Grade B and refurbished properties which were probably financed or acquired in Naira will be able to.

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island - Lagos. May 2015

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island – Lagos. May 2015

 

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island - Lagos. May 2015. Image Source: Bolu-Tokun & Co.

Renovation: N.I.J House, Adeyemo Alakija Street, Victoria Island – Lagos. May 2015. Image Source: Bolu-Tokun & Co.

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