A new era is dawning on the real estate sector, following the drive to boost office space in Lagos Central Business District, with the launch of a redevelopment plan for the 21-floor Unity House by Wemabod Estates Limited. PHOTO: huncven.com
A new era is dawning on the real estate sector, following the drive to boost office space in Lagos Central Business District, with the launch of a redevelopment plan for the 21-floor Unity House by Wemabod Estates Limited.
Unity House, built about 52 years ago is located side by side with Union House and other commercial buildings in the hub of Broad Street in Lagos Island. Some of the high-rise buildings in the city centre, especially along Marina and Broad Streets according to The Guardian report recently have become a shadow of themselves due to neglect and poor maintenance. In most of the affected structures, tenants have taken a flight.
Essentially, the edifice is a 21 Storey office complex sitting on approximately 635.47 square metres of land with a total lettable space of 5430sqm. It has a three-floor parking space with the capacity to accommodate 70 cars.
Already, Messrs Springfield Development Company Limited has been selected to pioneer the redevelopment to keep up with the Lagos State government development agenda for Marina corridor .
The proposed redevelopment will involve making provisions for technologies that are not in existence in its location like restaurant in the last floor, first class offices, changing all the lifts, turning the edifice into a green building, among other initiatives.
At the hand over ceremony of the project for redevelopment to Springfield Development Company Limited, in Lagos, the Chairman of Wemabod, Estates Limited, Kayode Alufa said the partnership was a collaborative decision by the board and management of the company based on a stringent process and competency.
A Managing Director of the Company, Olumide Ologun, explained that the structure developed by Wemabod has remained in the portfolio of the company for decades stating that the company deemed it necessary now to refurbish the property to meet up with a 21st century property in the heartbeat of Lagos.
He said: “We have seen that the property is going obsolete in terms of; physical, economy, and technology.” According to him, the redevelopment of the building, which will cost about N3 billion, with an arranged sharing formula for the equity, will take three years for completion and readiness for allocation.
The Director of Springfield Development Company, Olatunji Bolu, an architect and estate surveyor said the initiative will involve turning the building into an ultra-modern building, intelligent and responsive to the users without people stressing themselves. He emphasized that the redevelopment effort, will make Unity building, the first of its kind along Marina axis.
(GuardianNigeria)
