Banana Island is, increasingly, receiving what is clearly the ‘new normal’ in the real estate sector which ensures residents of planned communities, like this exclusive neighbourhood, do not have reason to go outside to look for any of their needs. Such communities are made self-contained and self-sustaining.
Though predominantly residential, Banana Island has, in recent time, seen significant commercial developments in office and retail. Today, plans are being perfected to complement these developments with a luxury hotel facility to be developed by Gilead Global, a frontline real estate firm in Nigeria.
The 56-room luxury development, known as The Cavendish – Banana Island Hotel, will feature art and design as core attributes and is being designed by prominent British Architect, Peter Bishop in collaboration with renowned Nigerian architectural firm, Wole Esan & Associates.
Consistent with the exclusive, expensive and luxurious nature of the Banana Island environment where affordability is not a big issue, The Cavendish will boast the latest technology in guest management, from keyless entry to automated curtains while still maintaining the highest levels of energy efficiency.
The hotel is designed in such a way that there are 4-room categories ranging from 30-square metre standard rooms to a 400-square metre 3-bedroom suite with minimalist furniture and earthy colour schemes, floor- to-ceiling windows, wood-panelling, 42-inch flat-screen televisions and tablets provided by Silicon Valley-based technology company, Intelity, which guests can use to order room service or fresh towels by just pushing a button.
There will be free Wi-Fi throughout the hotel, while the fifth floor contains an ultra-modern fitness centre, indoor swimming pool and an outdoor barbeque (BBQ) terrace.
Banana Island is Nigeria’s most expensive enclave and is home to some of the wealthiest residents and top blue-chip corporates within the Lagos metropolis. It’s no surprise, therefore, that its well-tended gardens and good road network continue to command the highest rental yields in the country.
What is, however, surprising is the fact that there is no upscale hotel within the entire estate. Expatriates working within the estate are restricted to commuting whilst residents who want to hold meetings go to the gym just as those that want to have fine dinner need to exit the gated community.
The hotel will be managed by an international hotel administration company, Starwood Group— owners of the Sheraton, St Regis, Le Meridien and W Hotel brands. “We are committed to ensuring the ground-breaking for the project takes place as promised in the third quarter of 2019, ” Tomiwa Idowu, Gilead Global’s Country Manager, told BusinessDay in Lagos at the weekend.
“We have taken our time to develop a unique and much-desired product, which the market thirsts for. This is evident in the number of sales and enquiries we have recorded since we launched the marketing suite. The Cavendish – Banana Island Hotel offers owners the rare opportunity to own a luxury rental property with yields north of 15 percent annually and average capital appreciation upwards of 30 percent per annum,” he added.
Banana Island is known for its extremely tight security, underground electrical cabling, central sewage system and water treatment plant. The Cavendish is situated in close proximity to other major residential and commercial developments such as The Adunola – Airtel Offices, Bella Vista, Lake Point Towers, Ocean Parade and Desiderata. Some of its corporate neighbours include Airtel, Olaniwun Ajayi LLP, Ford Foundation, Uber, etc.
Prices at the luxury development start from N75 million for 1-bedroom condominium and go up to N140 million for a 3-bedroom suite. These prices reflect a heavily discounted rate prior to the scheduled ground-breaking event. After this, prices are expected to sky-rocket.
“Owners of suites who don’t intend to live at the hotel would be entitled to stay over for 28 days every year free of charge and this can also be exchanged for nights at other Starwood properties across the world,” Idowu disclosed, adding, “owners who intend to live at The Cavendish would be entitled to all the hotel’s amenities, 24/7 room service and housekeeping calls”.