Investment window opens as Aiyedatiwa commissions N3bn Sunshine House

For corporate entities looking for a high-grade office building to lease in an accessible, good and highbrow location, an opportunity has just opened following the commissioning of Sunshine House by the Ondo State governor, Lucky Aiyedatiwa.

The N3billion facility standing on 7-floors is strategically located on Bishop Oluwole Street, at the back of the popular Ahmed Bello Way, Victoria Island, Lagos. The building presents a scenic view of Eko Atlantic City.

The building, which was developed by Prestigious Homes, a real estate investment and development firm, rose from the ashes of an old building which, according to the governor, was inherited from the old Western Region.

At the ground breaking for the project, two years ago, late Rotimi Akeredolu, former governor of Ondo, described the building as “a restorative project for the pride of the Yoruba race,” adding that its development was an act of redemption as the abandoned building, which once stood on the land, misrepresented Ondo people.

“Apart from the evidential waste of our commonwealth, it was an abuse of hospitality to the host state. The place constituted a serious security risk to the immediate community as undesirable elements had turned it to their den,” the late governor said.

At the commissioning, Aiyedatiwa described the building as a symbol of progress, innovation and vision of the state government, noting that it is a product of the state government’s efforts at improving its alternative revenue sources.

The building which derives its name from the state’s motto, ‘Sunshine State’, is an initiative of Ondo State Development and Investment Promotion Agency (ONDIPA). According to the governor, ONDIPA, as an investment vehicle, has been changing the state’s economic narrative.

“With this building, we are presenting to the real estate community and the investing world a new wine in an old wineskin; it is a testament to our commitment to promoting public private partnership,” he said, assuring that Ondo would continue to develop more structures in choice locations.

The governor commended the project team, noting that, despite the present economic realities, they did not demand additional funds.

Earlier in his opening remarks, ONDIPA CEO, Gbenga Badejo, had described the project as a symbol of progress in Ondo. “The project is a sign of ONDIPA’s commitment to investing in useful and revenue generating projects,” he added.

Badejo said that the building boasts such facilities as kitchenettes, staircases, reception, gatehouse, generator house, and waste management system. He also commended the contractor for the good work he did.

Because of its strategic location, the building, which has a total of 460 lettable area, is already attracting interests from prospective tenants, according to the project manager, Gbenga Olaniyan, Founder/Chairman, Estate Links Limited.

Olaniyan disclosed that whereas some of the prospective tenants are angling to lease the entire building, others are seeking to take three floors or one floor as the case maybe, pointing out however that they don’t want to fragment the building for multiple tenants.

He revealed that the asking price for leasing which must not be less than five years, is N150,000 per square metre, adding that lessors could make two or three years down payment or outright payment.

Olaniyan commended the contractor for the speed and efficiency he brought to bear on the project, noting that he was the best he had worked with so far on any site.

“This well thought out building is set to raise the bar of real estate along the shoreline of Lagos. It is, clear to us that the project is neither a monument nor a show piece. The entire building will be leased out to A-list corporate tenants to yield income that will provide revenue for the benefit of the people of Ondo state,” he assured.

Akintola Oladejo, Prestigious Homes CEO, commended the seamless transition from the late governor to Aiyedatiwa, who completed the project without issues. He vouched for the quality of the building, assuring that with good maintenance, it will remain the same in the next 30 years.