Firm in N5b Sandgrouse market redevelopment project
A thriving commercial centre on the Lagos Island, would soon wear a new look, as plans have been concluded to redevelop the popular Sandgrouse Market into a modern mall to be anchored by the reputable Shoprite franchise.
Promoted by DHB Sandgrouse Limited, the project is being executed in partnership with the Lagos State Government and the Lagos Island East Local Government Council.
The market is strategically located in the Ebutte-Elefun area, providing opportunity for the Ikoyi and Victoria Island residents, those in the Island, Yaba and Surulere, among others, in meeting their domestic goods.
The mall is being built on a land area of about 19,600sqms and the smaller section is about 5,200sqms.
The site of the mall provides numerous advantages in the sense that it is easy to access from Ebute Metta, Osborne Fourshore, Parkview estate, Awolowo road and its environs.
Besides, the mall will serve people who will occupy the ongoing housing estate by the Lagos State government of 3,000 flats at Ilubirin.
The market has been serving people living in Ikoyi, Dolphin and its environs and those on the Island, among others.
The mall, which is designed to have three floors including the ground level, would have three cinemas, food court, banks and other facilities that would enhance the value of the mall. There will be two escalators; one for goods and services and the other for the normal traffic in the mall.
Speaking at the presentation ceremony of the mall’s master plan recently, the Chief Executive Officer (CEO), of the Sandgrouse Mall, Mr. Hakeem Bakare, said the project would cost at least, N5 billion.
According to Bakare, the market’s reputation of providing shoppers good bargain would be carried to the mall and that would be enhanced with the presence of Shoprite as its leading brand.
Bakare, who said the market was being redeveloped to serve Lagos residents better and would enhance the status of Lagos as a mega city, added that his company has been undertaking such redevelopment of markets successfully. “This is not the first time we are going about the redevelopment of markets.”
He said the Sandgrouse Mall development “is an agreement between the Lagos State Government and the Lagos Island East Local Government. Besides having Shoprite, there will be other notable retail outlets and it is going to accommodate the existing shop owners, because they would be given the right of first choice.”
He also explained that the market has two sides, one for the Mall and the other for wet goods. “Sandgrouse has two sides; the part that has been demolished for redevelopment and the side that is yet to be demolished. There is need for proper relocation of the traders that is why we are yet to demolish the other side. And considering the size and topography of that area, we must treat the existing traders with utmost care and politeness”, said Bakare, adding that the construction of the bigger side of the project would take from 18 months to two years to complete, while the smaller part would take about six months.
He noted that the existing tenants in the market would be taken care of and that they would be subsidised to enable them buy or lease the stalls.
“We are going to subsidise the existing tenants because they cannot afford to pay for a shop in the mall; that is why we are trying to device a means of giving them a better place. Besides subsidy, we are going to give them mortgage as well, like we did in our previous mall”.
He said construction work has started with the demolition and that they were doing piling because of the topography and because there would be basement parking, adding that there would be parking for about 500 vehicles on both the surface and basement slots.
To enhance security in and around the mall, the company would build a station for the police in the mall, he said.
“We have gotten an approval for the construction of the police station and we are going to build it as part of our corporate social responsibility. Fire points will be in the mall since there are two fire stations not far from it; one is at Onikan and the other on Awolowo road.”
Bakare said the success of the mall is guaranteed with the presence of the anchor tenant, Shoprite and that the shop prices range from N1.6 million per sqm for outright sale and N158,400 per square metres for those who wish to lease. The lease period is 25 years.
No comments yet