Concessionaires to invest over N300bn in TBS’ redevelopment

The concessionaires of Tafawa Balewa Square (TBS) complex in Lagos said that it would spend no less than N300billion between 2019 and 2029 to redevelop the complex.Mrs Josephine Abraham, the Head of Corporate Affairs department of the organisation told the News Agency of Nigeria (NAN) in Lagos.

“The group has earmarked 10 years for the redevelopment of the historical site because of the proposed huge transformation that will take place.

“We have carefully mapped out a timetable for the renovation which we will strictly adhere to,” she said.

Abraham said that after the redevelopment, the centre would be able to compete with other international ones.

It would have been transformed into a world class heritage as well as a destination of choice for tourists, commerce and leisure.

She said that the court had resolved all grey areas that had existed over it between her group with the Lagos State Government (LASG) and the Federal Government respectively.

She said that was the reason for the delay in the commencement of the upgrading since 2009.

According to her, the edifice will house: convention centres, conference halls, five-star hotels, shopping malls, underground car park space, creativity blocks, 200 luxury apartments, offices and business parks.

“We have huge surprises for the tourism industry that will be unveiled when we must have expanded the current 375 shops and offices complex.

“It will be providing modern shopping complex that can compete favourably with their international standards.

Abraham said that concessionaires had contracted a licensed land surveyor that would construct a comprehensive perimeter and draw a topographic survey plan of the complex.

She said that the group had also done a detailed site study to determine which of the existing structures and buildings should be retained and those to be demolished.

Abraham said that this was to give way for the new physical developments.

NAN reports that BHS emerged the preferred bidder in 2008 after a competitive bid process and won a 30-year concession to redevelop, manage and transform the TBS into a one-stop tourist centre.Abraham said that the redevelopment would boost inbound tourism and the socio-economic activities around the TBS.