The Ondo State government has breathed life into its hitherto wasting properties in Lagos which, for over 20 years, had remained eyesore and embarrassment to the environment and people of the state.
The state governor, Rotimi Akeredolu, was in Lagos last week for groundbreaking events, signalling the commencement of construction work on a 7-floor office and 7-unit residential developments in Victoria Island and Ikoyi respectively.
The office facility, christened Sunshine Plaza, is located strategically along Ahmadu Bello Way, backing Bishop Oluwole Street, in Victoria Island, Lagos. It is estimated to cost N3 billion on completion.
Besides being a face-saving measure, Governor Akeredolu sees the development of the office facility as an investment. He believes that this N3 billion investment can yield bountiful dividends for the people of Ondo State, noting that investment in real estate is the current trend in global economy. “Our State will avail herself of the immense benefits accruable from it,” he said.
The governor described the development of the facility as an act of redemption, saying that 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,” he said.
The facility, he added, would be a restorative project for the pride of the Yoruba race, hoping that it would also represent the collective interest and identity of the people of Ondo State who he described as the most sophisticated and indomitable.
Earlier in his opening speech at the event, Gbenga Olaniyan, the project manager, commended the governor for the opportunity given to him and his company, Estate Links Limited, to serve. He assured that besides ensuring build-quality, the project would also be delivered in time and on budget.
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Olaniyan explained that the facility, upon completion, would offer ground floor parking with a parking ratio in line with international best practices. He added that there would be six upper floors of 633 square meters each, giving a total of 3798 square metres of lettable space with elevators and a scenic view of Eko Atlantic City.
“This well thought out building is set to raise the bar of real estate along the shoreline of Lagos. It is, however, 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 an annuity in perpetuity for the benefit of the people of Ondo state,” he assured.
Olaniyan, who is the CEO of Estate Links and also the project manager of the Ikoyi residential development, assured further that the well situated luxury block of flats would, undoubtedly, be a gem of an investment for the people of Ondo State to be proud of.
“The income earning capacity of real estate in Ikoyi is second to none and with the projected finishing of the flats, we are confident that the right corporate tenants will lease this property even before it is completed to release cash flow for further investments for the people of Ondo State,” he noted.
The 7-unit Ikoyi residential development is an offshoot of the Ondo State Liaison Office, which, according to Olaniyan, was structurally defective and, therefore, could not stand the test of time which was why it also failed when subjected to viability study.
“As it was clear that the two buildings comprising two detached houses could not be structurally salvaged, the properties were pulled down to give way for an income generating property that will stand the test of time. Several options were reviewed, and in line with the Lagos state approvals, we realized that we could build a maximum of 7 units on this site,” Olaniyan explained.
Testing all options to find the very best development mix for the site, he said, left them with the choice of a block of six flats, comprising 3-bedrooms each with boys’ quarters and an elegant penthouse, spanning across the footprint of the building.
“We engaged an architect and other consultants to interpret the governor’s vision; got the concept approved and put together the drawings which were submitted for final approval by the relevant authorities,” he recalled.
Continuing, he said, closed bids were invited from carefully vetted contractors and, at the end of the process, the current contractors, Pleasant Design, were awarded the contact and they have moved to site to commence preliminaries preparatory to commence piling.”
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