Amid the crave for modern shopping facilities by residents along the Lagos-Ibadan expressway, especially within Arepo neigbourhood, a property development and investment company, Messrs Lancelot Ventures has announced plans to construct a new complex in the middle class settlement in Ogun State.
The plaza, known as Lancelot Mega Plaza has a total of 3,000 square metres let-able and sellable spaces inclusive of a pent house. It is expected to be delivered to the property market within 12 months. On completion, the plaza would go for N220, 000 per square metre.
The promoters are pledging an uninterrupted power and water supply, and airtight security with all shops ensuite. It also promises central waste management control system; ample parking space for over 100 cars), central advertising board and a ready market from an elite population with disposable income.
The Managing Director, Lancelot Ventures, Adebayo Adeleke explained that his company’s decision to develop the plaza was a response to rising sophistication and changing shopping culture of the Nigerian middle class who hunger for modern shops away from the traditional open markets that they are so familiar with, adding that the company also wants to tap into the limitless investment opportunities that shopping malls and plazas offer.
“We are out to achieve a robust complex with retail and commercial rentals, as well as, a blend of merchandise and office environment. This complex has a manageable number of owners/occupiers for effective administration in terms of decent environment, safety and security, it has an ample car park – about 100 parking lots,” Adeleke revealed.
He hinted that there are investment opportunities for private equity investors in the plaza, explaining that while his company would finance the project up to 20 per cent of the required 250 million, 1500 square metres of the project will be offered to potential investors/financiers at 85,000:00 per square metres to realise 127.5 million.
“This offer price holds promise for a considerable return on investment to would-be investors/financiers on project completion,” he assured, adding that in order to further raise part of the construction fund, 30 per cent of the plaza will be offered for sale as construction progresses.