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Landmark IMB Plaza up for grabs with N3.5 billion guide price

By Chinedum Uwaegbulam
27 June 2016   |   1:45 am
With the owners of the historic property - IMB Plaza in Victoria Island, Lagos hiring a firm of estate surveying and valuers to peddle this one-of-a-kind property, all is now set for new property investors to emerge.
The IMB Plaza on the corner of Ahmadu Bello Way and Akin Adesola Street in Victoria Island, Lagos

The IMB Plaza on the corner of Ahmadu Bello Way and Akin Adesola Street in Victoria Island, Lagos

New owners may emerge in few months time for the IMB Plaza, a magnificent structure on Victoria Island Lagos, as a financial institution, the owner of the property has decided to sell the historic high-rise.

The imposing five-floor mirrored building with penthouse for decades has been a landmark structure situated on the corner of Ahmadu Bello Way and Akin Adesola Street and for years served as the headquarters of the defunct International Merchant Bank (IMB).

Designed by Inchscape Architects, the building was the talk of the town in 1985 when the ‘skyscraper’ opened its doors overlooking the Bar Beach now Eko Atlantic City and Lagosians come to Victoria Island to view its architectural marvels.

The signature building, observers say, can rival the prestige and allure of a world-celebrated office address due to the beauty of the architectural facade.

Specifically, the glass clad IMB office tower is on the market for sale and Demola Adetola and Company, a firm of estate surveying and valuers has been hired to peddle this one-of-a-kind property. The marketing agent has already fixed the asking price at N3.5 billion.

With more than 5,000 square metres, IMB Plaza has one of the largest land areas for office space with the vicinity. The principal partner, Demola Adetola and Company, Mr. Demola Adetola told The Guardian learnt that the firm has started discussion with prospective investors and corporate institutions.

“This is a life-time opportunity for property investors as the IMB Plaza is situated in a much sought after location, which is strategic. Any body buying the property is buying a prime property not for the immediate gains but for the future because it would remain prime.

“Fronting directly to the new luxury haven, Eko Atlantic City means you’re there before the future comes. Eko Atlantic City is the new Lagos. The new thing the whole Africa is waiting for,” Adeola said.

According to him, the land is 5,000 square metres, which is not common in Victoria Island. “Even if you decide to do anything other than what is there, the land is massive. The property is amenable to other uses. It can be converted to a hotel. It comes with open plan office space and low maintenance.”

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