Lagos’ biggest Lawyers are becoming your landlords

Must Read

Osun State – Broke and broken

Data from BudgIT has shown that for every ₦100 shared to the Osun State government as revenue allocation from...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

This week marks the launch of Banwo and Ighodalo’s new Head Office in Ikoyi and we’ve decided to take a look at how different law firms in Lagos are adding to the total supply of office space in the city. While many law firms in Lagos such as Detail Commercial Solicitors build their own head offices, only a handful do so in a scale that allows them to lease space back on to the market.

In the past 13 years, through direct and indirect means, 3 major law firms have developed offices with the intention of owner occupancy as well as rental income. Though only emerging, the additions these 3 law firms bring onto the market currently account for 15% of the total stock of Grade A and B space in Ikoyi. See below for a snapshot of the 3 buildings.

Olaniwun Ajayi and Co. (via Konyinsola Ajayi) own The Adunola, a 12-floor waterfront office property in Banana Island, which is currently the Head Office to Airtel Nigeria. The property was designed by Pieach and completed in 2006. The average asking rent for vacant space in the property is currently $450 per sqm per annum.

Read Also:  Nigeria Global Markets Daily Update (November 15, 2017)

Lagos’ biggest Lawyers are becoming your landlords - Brand Spur
Adunola House or The Adunola, Banana Island, Ikoyi, Lagos – Nigeria. image Source: Talking Drums

- Advertisement -

Aluko and Oyebode (via a Habour Point Limited related co.) also own 1 MM Drive, an office property located on Murtala Mohammed Drive, otherwise known as Bank Road in Ikoyi. The property is currently home to McKinsey and Company and was previously home to UBS Nigeria and Mastercard. Asking rents in the property range between $500 and $600 per sqm per annum. It was completed in 2010.

Lagos’ biggest Lawyers are becoming your landlords - Brand Spur
1 Murtala Mohammed (MM) Drive, Ikoyi, Lagos – Nigeria.

Finally, Banwo and Ighodalo have just moved into their brand new 5 floor HQ on Awolowo Road in Ikoyi, not far from their current head office. Banwo and Ighodalo intend on occupying 4 floors and leasing out the final floor at an asking rent between ₦80,000 and ₦100,000 sqm per annum ($222 – $277). It was designed and built by SAS Space Design.

Lagos’ biggest Lawyers are becoming your landlords - Brand Spur
June 2019. Development: 5 Floor Office Development for Banwo & Ighodalo, Awolowo Road, Ikoyi

- Advertisement -

In lieu of owning their head offices, other notable law firms such as Templars and Udo Udoma & Belo-Osagie currently lease office space in the Octagon in Victoria Island and St. Nicholas House in Lagos Island respectively.

See how the Big 4 Accounting Firms drove leasing activity in Lagos in 2016.

 

Culled from EstateIntel

- Advertisement -
Lagos’ biggest Lawyers are becoming your landlords - Brand SpurLagos’ biggest Lawyers are becoming your landlords - Brand Spur

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Lagos’ biggest Lawyers are becoming your landlords - Brand SpurLagos’ biggest Lawyers are becoming your landlords - Brand Spur

Latest News

Nestle Nigeria – Supply chain disruption amid high inflationary environment dampen profitability

Performance highlight Nestle Nigeria Plc reported a 1% YoY decrease in revenue in its H1 2020 result. Gross profit...

NASCON Allied Industries Plc – Impressive H1 2020 performance amidst COVID-19 challenges

Performance highlight NASCON Allied Industries Plc posted a topline growth of 12% YoY from N12.97bn in H1 2019 to N14.53bn in H1 2020. Gross...

Nestlé Nigeria – Contraction in Food Giant’s Revenue

Topline Pressured by Decline in Domestic Sales In the first quarter of 2020, NESTLE reported a 0.90% YoY contraction in topline — the first drop...

STEP initiative to reduce number of out-of-school children in Oyo State

The Start Them Early Program (STEP) can help the Oyo State government reduce the number of out-of-school children in the State. The Coordinator of IITA’s STEP...

IITA collaborates with Ogun State Government on Agriculture

As part of measures to foster partnerships in agricultural transformation with governments in Nigeria, CGIAR-IITA signed a memorandum of understanding (MoU) with the government of Ogun...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Lagos’ biggest Lawyers are becoming your landlords - Brand SpurLagos’ biggest Lawyers are becoming your landlords - Brand Spur