Developer assures tenants on March deadline for N20b Maryland Mall

The retail mall sits on a buildable area exceeding 10,000 square meters (sqm) and boasts approximately 7,000 sqm of Gross Lettable Area. The new Maryland Mall with a strong multiple revenue stream and achieved over 90 per cent tenancy.

GOOD news is coming on the way of prospective tenants and business community in the Lagos Mainland area, as the developer and investors have announced plans to complete the redevelopment of the popular Maryland Business Plaza by March next year, which will ultimately increase the number of retail market in the metropolis.
   
The project is anchored by a development team boasting, local expertise and international best practice. The team is led by the Developer & Financier: Purple Capital Partners Limited. The firm currently has interest in financial services including a CBN licensed Microfinance Bank, Purple Money Micro Finance Bank Limited and real estate including the ongoing development at the Art Hotel, Oniru Lagos which upon completion will be managed by the Mantis Group. 
  
The mall is situated along the arterial route of Ikorodu Road, on a corner plot of land at the entrance to Okupe estate, which is a prime area of the busy Lagos Mainland Axis. It is strategically placed within proximity to numerous banks, offices, hotels and major roads linking to the Central Business District as well as the Murtala Mohammed International Airport. 

The carefully designed structure will be home to over 40 shopping outlets, banks, restaurants, a supermarket and a state of the art cinema facility. The mall with total Gross Lettable Area (GLA) of approximately 7,000 sqm consists of three floors inclusive of a mezzanine floor. The mall also includes basement parking with capacity for over 210 parking spaces making it the first purpose built basement parking for an urban built retail centre in Nigeria. Its external façade will hoist the largest outdoor screen in Sub Saharan Africa. 
   
Maryland Mall has already achieved 90 per cent tenancy. Shoprite and Genesis Cinemas are the anchor tenants for this awaited mall. Stanbic Bank, Axa Mansard and Purple Money are the key financial services firms at the mall. Other tenants include Lifemate Furniture, Medplus Pharmacy, Samsung, DSTV, Montaigne Place, Tecno Mobile, Twice as Nice, Little weavers, Tesla Mobile, Asset Chemist, Plug Devices, Nett Pharmacy, LAX, Babybliss and Bollywood Hair. 

Activity in the food court is expected to be sensational with a growing waiting list and confirmed tenants such as Barcelos, Sweet Kiwi, Euphoria Smoothies, Shuttles, Playzone, Cupyd Patisserie and three Zees Restaurant and Bar. Complementary Entertainment at the mall alongside Genesis Cinemas include Playzone and the first ever purpose built skating rink in Nigeria, Skate City.
   
Key Milestones achieved include the, Largest Outdoor LED Screen in Sub-Saharan Africa measuring approximately 520 sqm being managed by Optimum Exposures, a member of the Troyca Group led by Mr. Biodun Shobanjo. The Managing Director of Optimum Exposures Mr. Bayo Adio stated that “ The Interest level on advertising opportunities in Maryland Mall has been very high and we are quite proud to be the chosen advertising partner for this project.” 
   
The leasing agents Mr. Rogba Orimalade of Rogba Orimalade &Co and Mr. Gbenga Olaniyan of Gbenga Olaniyan and Associates in a joint statement stated that majority of the confirmed leasing spaces were executed within the first 180 days of moving to site. “We are now at a stage where interest in the few remaining spaces is quite high with various brands clamouring to be a part of history. We are set to open for Easter.”
 
Mr. Hamish MacLennan of AECOM Nigeria, stated that “The style of building adopted by Purple Capital is quite unique and one to be branded and institutionalized in the Nigerian Retail Space.”

The contractor’s representative, Mr. Roberto Finco of Horatio Limited, said: “The level of cohesion and professionalism by an all Nigerian development team allowed us the momentum required and we are set to deliver the mall in record time.”
  
Purple is currently in talks with domestic and international investors to raise funds for the purpose of increasing its real estate portfolio of Grade A retail