Is Bourdillon the most expensive street in Nigeria by property value?

For some people who follow trends in the Nigerian real estate market, the above poser demands a straight answer which is an affirmation that Bourdillon, an upscale high street in Lagos, is the most expensive destination in Nigeria by reason of its property value which starts from N1 billion.

For some other market analysts, the poser is a matter of debate as, in their estimation, Bourdillon is expensive, but not, strictly speaking, the most expensive. There are other locations in the city that are either at par with the street or slightly more expensive. Kingsway Road is one. Others, which are, however, broader in terms of size and level of investment, are Banana Island and Eko Atlantic City.

Temi Iwalaiye of CW Real Estate considers Bourdillon Road, which got its name from Sir Bernard Henry Bourdillon, a British colonial administrator and former Governor-General of Nigeria, is the most expensive in Nigeria, pointing out that the street is home to Nigeria’s powerful and wealthy elite and that properties there can fetch several millions of dollars.

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“Only the affluent live on Bourdillon Road. Residents such as Bola Tinubu, Nigeria’s president, who is referred to as the Lion of Bourdillon, business tycoons like the Cubana Chief Priest, and expatriates all live on this street,” Iwalaiye said, adding that, on this Road, there are high-rise luxury apartments, outrageously expensive mansions, and corporate headquarters of companies

He said that these are some of the architecturally striking homes in Nigeria that line the road, noting that the starting price of real estate in this region is frequently in millions.

“Exclusivity and security are guaranteed by the street’s strict security measures which include private guards, constant CCTV surveillance, and many government security officers guarding the area,” he said, listing famous buildings on the road which include 4 Bourdillon, Belmonte, Desiderata, and The George, with many beautiful end apartment complexes, rooftop pools, gym, and expansive views of Lagos.

Besides the 4 Bourdillon built by Elalan Construction, which is the tallest residential building in Nigeria with 25 floors, there is also the iconic high-rise residential building called The Cuddle being developed by Cadwell, a real estate investment company.

Ayo Ibaru, CEO, Northcourt Real Estate, agrees with the view that Bourdillon is the most expensive street, hinging his belief on the length of the street which allows for the development of the high-rise buildings and the quality of infrastructure on the street.

The length of the street, he explained further, accounts for the new and larger projects springing up there with modern infrastructure that attract big ticket buyers and investors.

But Tayo Odunsi, President, Royal Institute of Chartered Surveyors (RICS), Nigeria Group, countered this view in an interview with BusinessDay, noting that there are other locations in Lagos that are as expensive. He mentioned specifically Kingsway Road also in Ikoyi, Lagos.

The road also called Alfred Rewane Road is Ikoyi’s high street, where commercial skyscrapers congregate. It is home to billionaire oil magnate, Funsho Alakija’s Famfa Tower, a 20-storey skyscraper which industry watchers say is in excess of N60 billion in value.

Kingsway Road, according to Odunsi, is also home to other high-rise office buildings including the Kingsway Towers, The Alliance Place owned by Capital Alliance, The 14-floor Heritage Place, Nigeria’s first green office building, among others.

According to Obi Nwogugu, former head, African Capital Alliance Property Investment Company, “there is nothing strange or particularly wonderful about what is happening in Ikoyi; what that simply tells you is that Kingsway is today the most desirable, most sought after office space address in Lagos.”

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The difference that exists between the two locations is that whereas Bourdillon is mainly residential, Kingsway is commercial. Luxury apartments like 4 Bourdillon or Desiderata Apartments cost about N1 billion, with yearly rent ranging from N20 million to N40 million per year. There are also many detached mansions or villas sold for N1 billion – N5 billion.

On Kingsway, until lately, office rents were charged in dollars and they ranged from $1,250 to $1,750 per square metre. Presently, a square metre at any of these buildings goes for between $750 and $1000 or their equivalent in Naira.

Other locations in Lagos which are also as expensive as Bourdillon are Banana Island and Eko Atlantic City where property values are in millions of dollars. In Eko Atlantic City, for instance, the price of a square metre of land starts from $1000 depending on the location in the location.