- Name: Admiralty Mall;
- Developer: Dreamspaces Development;
- Use: Retail;
- Location: Admiralty Road – Lekki Phase 1;
- Main Contractor: Dutum Company Limited;
- Architects: Beyond Arete;
- Project Manager: Studio Stoone;
- Structural Engineers: Pinconsult Associates Limited;
- MEP Consultants: Alliance Engineering Consultants;
- Land Area: Approximately 1,200sqm;
- GLA: 1,323sqm;
- Expected Completion: Q1:2020.
Admiralty Mall is a 33-unit retail development located in Lekki Phase 1 that is being developed by Dreamspaces Development, a Nigerian based real estate firm. Construction commenced in October 2018 and development is still in progress with the project team aiming for completion during Q1:2020.
Each unit will consist of approximately 30sqm of retail space, which will be spread across 3 floors and a pent floor for recreational activities. The total lettable area of the building is approximately 1,323sqm with an asking rent of around $40 per sqm a month.
Over the past few years, development interest has shifted from large size 18,000m2+ retail centres to smaller neighbourhood retail centres with sizes ranging between 5,000sqm – 10,000sqm. Since 2016, only three 5,000sqm size malls have been delivered: Novare Central Abuja, Novare Gateway, Abuja and Maryland Mall, Lagos. This is a significant contrast to the activity in the boom era of 2009 to 2015 which saw retail space grow 40% annually where 199,600sqm of formal retail space was added.
This shift in interest is also evident within Lekki Phase 1, where the dense and affluent population has encouraged developers to build much smaller but quality retail offerings including Lennox Mall, Centro Mall and Aarons Mall.
Lennox Mall and Centro Mall have been able to attract quality anchor tenants such as Hubmart and Chocolate Royale respectively.
Dreamspaces Development has executed other notable projects in other real estate classes such as The Knightbridge, Banana Island and the Art Hotel project in Oniru.
To get more information on Admiralty Mall, click here.