Firm unveils mixed-use facility to boost Lagos economy

Retail and real estate developer, Purple Group has unveiled a mixed-use facility, Purple Lekki that integrated retail, residential, hotel, and lifestyle living.

The development, which plans to redefine urban living and commerce in Lagos, is a neighbourhood hub that ensures residents and visitors can live, work, and play in one space.

Strategically located on Freedom Way, Lekki Phase 1, the expansive facility spans 10,000 square metres of land, stretching up to 24,000 to the rear with a total buildable area of 38,000 square metres, the multi-purpose development comprises a mix of retail stores, co-working spaces, entertainment hubs, and residential units.

Purple CEO and Co-founder, Laide Agboola, PurpleLekki, explained that the project integrated seamlessly retail, office spaces, entertainment, and residential apartments.

The facility houses 50 retail stores and office spaces and provides convenience to residents, offering essential services such as supermarkets, pharmacies, cinemas, a fitness centre and a gym within the building.

It also features 260 studio apartments, including one, two, three, and four-bedroom units, as well as dedicated entertainment spaces, including a cinema and skating area, co-working and private office spaces, and short- and long-term stay apartments for business travellers and tourists.

On the economic and environmental impact, Agboola revealed that the development has made a significant impact on job creation and local commerce. Over 100 employees work with Market Square, while other retail tenants have hired dozens more.

“Purple has invested in infrastructure improvements around the development, including drainage systems and beautification projects. The project has also earned Excellence in Design for Greater Efficiencies (EDGE) certification from the International Finance Corporation (IFC) for its sustainability efforts—making it the first retail-infused mixed-use building in Nigeria to achieve this recognition,” Agboola stated.

Regarding infrastructure, he said the facility boasts five levels of parking and accommodates over 500 vehicles. “The facility runs on a three-pronged power supply system, combining grid power, diesel generators, and gas energy solutions to ensure reliability.

“With a valuation exceeding N80 billion excluding third-party interest, Purple intends to leverage its equity to drive further urban regeneration and infrastructure projects across Lagos in the coming years.

“Excluding third-party interest, when we look at interest that belongs to the purple itself, we’re looking at about N55 billion. What we’ve done on our own is to ensure that all our obligations are completely eradicated over the short term.

“Purple Lekki is designed to formalise retail trade, offering a structured and data-driven approach to commerce in Lagos. The company collaborates with established domestic and international brands, ensuring sustainable operations and long-term tenant partnerships.

“With the completion of construction in late 2024, businesses within the facility are now operational, positioning the facility as a game-changer in the real estate and retail landscape,” Agboola stated. He said their goal is to create convenience-driven, high-impact developments that merge lifestyle, commerce, and sustainability.

The Chairman of Purple Real Estate Group, Olajumoke Akinwunmi, explained that the project features a large multi-level platform with a tower block housing studio apartments.

“This is a destination building, you’re not just passing through; you’re coming here to be entertained, watch a movie, go to the gym, eat, live, and work. While Lagos has many mixed-use developments, few function as true destinations,” Akinwunmi stated.

Deputy Chief Executive Officer and Co-founder, Mr Obinna Onwunkwo, emphasised the project’s role in economic growth, noting that Nigeria’s largest economic sectors include agriculture, Information Communication Technology (ICT), trade, and real estate.

“By merging real estate and trade, we are creating activity. Trade is essential for wealth transmission. During the COVID-19 recovery, trade rebounded quickly after ICT because it drives economic movement,” Onwukwo explained.

The development, he said provides a structured environment for traders, offering formalised retail spaces that allow for better economic planning and government oversight. Onwukwo stressed the importance of policy consistency for long-term economic planning.

“Business cycles don’t align with political terms. If policies are consistent across administrations, businesses can plan for 10 years instead of shorter cycles,” he added.

Lagos State Governor, Babajide Sanwo-Olu, who commissioned the building, issued a certificate of completion to the mall. He said: “I assure you that whatever it takes to work and be sustainable, the government is ready to support so that we can spread the prosperity of Lagos. Once this is done, the city will begin to develop in an even manner. We will continue to provide an enabling environment for this to happen.

“We will ensure that whatever the case, challenges, or hiccups that you have, that will not hinder the visions or the investment you want to increase.
“It’s an eco-friendly environment, which ensures that you put in place a facility to trap all of the waste and check carbon emission,” Sanwo-Olu said. The unveiling was witnessed by His Majesty, Oba Alayeluwa Saheed Ademola Elegushi III.