One of Nigeria’s specialist investment firm that doubles as developers and financiers, Purple Capital Partners Limited, has unveiled a redevelopment plan for the popular Maryland Business Plaza located on Ikorodu Road in the Maryland area of Lagos State.
The project comes as a joint venture between Purple Capital Partners Limited and Network Hotels Limited. Purple Capital Partners Limited is a specialist investment firm with business areas in Principal Investment Private Equity and Real Estate. The project is worth about N20 billion on completion.
Named Maryland Mall, the project will serve residents in the Mende, Anthony, Ilupeju, Ojota, GRA Ikeja, Oshodi, Gbagada and all commuters along that axis. It sits on a buildable area exceeding 10,000 square meters(sqm) and boasts approximately 7,000 sqm of Gross Lettable Area.
The unique design was conceptualized by CMDesign-Atelier (CMD+A), an indigenous and internationally-trained architectural team. Tosin Oshinowo of CMD+A, said: “The design exercises a broad and sophisticated knowledge base that spans urban design and planning, building and landscape architecture.”
Currently, the demolition of the old Maryland Plaza has been completed a couple of months ago, while excavation of the basement is in progress. The basement will act as parking area. The mall has 219 car parking spaces. “This dedicated parking basement allows for sufficient parking and given the land size, makes this a uniquely efficient development,” according to Purple Capital Managing Partner, Mr. Olaide Agboola.
The implementation of this unique design is professionally backed by a world class development team led by the project manager, AECOM Professional Services Nigeria Limited. The professional team, individually and collectively have worked on several domestic and international retail mall developments, hotel developments and office developments.
Specifically, AECOM banks on creating, enhancing and sustaining the world’s built, natural and social environments in 160 countries. AECOM’s African operation is headquartered in South Africa. Mr. Hamlisch Maclennam disclosed that Nigeria population is a major attraction for investors in retail business and the sector may grow to be the largest in the world.
Agboola said the mall will open in December 2015 and will play host to a mix of local and international brands anchored by Shoprite, Genesis Deluxe Cinemas and Stanbic IBTC Bank. The facility all is over 70 per cent leased and has a diverse base of tenants. Shoprite will open its first Usave brand. This is expected to alter the face of retail experience in Nigeria.
The new Maryland Mall is projected to have the largest outdoor LED screen in West Africa. The outdoor LED screen is to be installed across the full length of the building acting as façade facing Ikorodu Road, Ikeja, Lagos. This makes it a landmark building and follows world renowned locations like Piccadilly Circus amongst others. This is in partnership with Optimum Exposures Limited a member of the Troyka Group.
He added that the retail mall will have a strong multiple revenue stream further enhancing the efficiency of the development. The 3D design/ prototype was unveiled last week in a formal event held in Lagos, with notable dignitaries in attendance. They included the Chairman of Purple, Mr. Olutola Mobolurin, Chairman of the Troyka Group, Mr. Biodun Shobanjo and the Chief Executive Officer of Stanbic IBTC Bank Plc, Mr. Yinka Sanni.
Mobolurin noted that the “Maryland Mall represents a distinct shopping mall for all retail activities which goes beyond where mall users seek pleasure or entertainment but stands as a sensation of luxury which is reflected by the external façade, a first of its kind in Sub-Sahara Africa, and basement parking which all reflects the Purple way of thinking outside the box unequalled when it comes to real estate delivery. This development is clearly a landmark.”