The property situated opposite the Eko Atlantic City on Ahmadu Bello Way, Victoria Island is being promoted by the Ondo State government through its Development and Investment Promotion Agency (ONDIPA).
Under the proposed redevelopment, the government is planning a purpose-built twin-seven storey office building, which will cost the investors about N3billion. The building is christened Sunshine Plaza.
Already, the main contractor and other consultants have been appointed. They are Prestigious Homes Limited (main contractor), Estate Links Limited /Gbenga Olaniyan and Associates (project manager) and Abbot Engineering Company Limited (mechnical and electrical engineers).
Others are Hand Sketch Architect (project architect), Bosild Consults Limited (structural engineers) and BAG Enterprises (mechanical sub-contractor).
The governor of Ondo State, Rotimi Akeredolu (SAN), performed the flag-off of the project, which was attended by the deputy governor, Hon. Lucky Aiyedatiwa, Chief of Staff to the State Governor, Chief Olugbenga Ale, commissioners and other dignitaries.
The project manager, Mr. Gbenga Olaniyan, who spoke at the groundbreaking ceremony said “this property upon completion will offer ground floor parking with a parking ratio in line with international best practices, and six upper floors of 633 square meters(m2) each giving a total of 3798 m2 of lettable space with elevators and a scenic view of the Eko Atlantic.
“This building will raise the bar of real estate along the shoreline of Lagos. 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.”
Olaniyan, whose firm was commissioned for the feasibility and viability study, explained, “ We carried out a study of the area and with the changing land-use zoning patterns as well as from a demand and supply perspective. It became clear to us that a medium-rise office block will give us the desired returns on the property.”
The Chief executive Officer, Prestigious Home Limited, Akintola Oladejo, who commended the governor for his openness and exemplary leadership quality, promised to justify the confidence reposed in the company and deliver a quality project in good time.
The Chief Executive Officer, ONDIPA, Mr. Boye Oyewumi, applauded the governor for not politicising the development of the state, saying the governor has always put the best interest of the people of the state at heart in his quest for development.
MEANWHILE, the state government has also commenced the development of another property in Ikoyi.
The governor also performed the official flag-off of a residential block of flats, known as Sunshine Apartments in Parkview Estate in Ikoyi. The project will cost N400 million.
“Unfortunately the structure – two buildings, comprising two detached houses could not stand the test of time and the properties were pulled down to give way for an income-generating property,” according to Olaniyan.
“We then proceeded to test all options to find the very best development mix for the site and came up with a block of six flats, comprising three bedrooms each with boys’ quarters and an elegant penthouse spanning across the footprint of the building.”
He said: “Closed bids were invited from contractors and at the end of the process, the current contractors, Pleasant Design were awarded the contract and moved to site to commence preliminaries preparatory to commencing piling.
“This well-situated luxury block of flats will undoubtedly be a gem of an investment for the people of Ondo state. 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.”
