TWO months after some major developmental schemes were delivered by the Lagos authorities to the people of Surulere and its environs, experts within the building industry have started examining the effects of these projects on the property value in the area.Generally, the experts mainly members of the estate surveying and valuers fold are of the view that the coming of these projects may give additional impetus to jerk up property value in Surulere.And if that happens as being foreseen, fortunes would smile on property owners and some tenants may have to relocate to outskirts, where rents are still affordable.Notably among the projects are the Gbaja Shopping Mall, the upgraded Adeniran Ogunsanya Street and Adeniran Ogunsanya Shopping Mall, among others, which have been described as the states government urban renewal schemeThe upgraded 1.02 kilometre long road stretches from Alhaji Masha/Shitta round about to Bode Thomas road, which includes Akerele, Ogunlana, Adelabu, Babs Animashaun road forms part of the inner ring roads currently under construction while the dualisation of Adeniran Ogunsanya road is a 1.024 kilometres that connects Bode Thomas with the Alhaji Masha/Shitta Round-about.Indeed, realtors and developers who spoke to The Guardian, revealed that this development would give residential properties better attraction, as already, residential properties off Bode Thomas, Adeniran Ogunsanya and Ogunlana Drive apartments are now between N900, 000 to N1.2million, as against N700, 000 to N900, 000, thus confirming Suruleres commercial real estate stocks increase.Adeniran Ogunsanya Shopping Mall, owned and developed by Lagos State Development and Property Corporation (LSDPC), is under concession arrangement with Messrs Top Services Limited, occupies a total built up area of 22,000 square metres, with a number of 154 shops of different sizes, while Gbaja Shopping Mall, developed by DHB Developers, is located in the heart of Surulere off Akerele Road and is easily accessible from the Teslim Balogun Stadium axis.The mall, which is the first of its kind in Surulere, is with a banking hall, traditional market arrangement of k-klamp shops and a shopping complex. It incorporates an existing market in its immediate neighbourhood that will anchor the k-klamps section.Commenting on the development, immediate past President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Chief Emeka Onuorah, is of the view that the new developments in Surulere will impact positively on property values in the neighbourhood.His words: With improved accessibility arising from the road expansion schemes, property demands will rise in the area leading to higher rental and sale prices. However, contrary to the general pattern earlier stated, I predict minimal impact on rental and capital values on properties fronting Adeniran Ogunsanya Street, Adelabu Street and Ogunlana Drive because the road expansion schemes had robbed them of their valuable frontages leaving most of the properties without parking spaces.I will expect businesses in the affected properties to move out to better locations, for instance, the new Plazas at Gbaja and Adeniran Ogunsanya, as soon as their leases run out, thereby leading to falling rentals and prices in the short/medium term. The loss of rental and capital values on the high streets mentioned will translate to opposite gains for adjoining streets and the new PlazasSenior Partner, Udoetuk and Associates and a fellow of the institution Mr. Ime Udoetuk, buttressed further that, the setting of two new shopping malls only serves as icing on the cake that will make the neighbourhood more attractive to residents and this pull can only translate to higher property values.A notable author on Real Estate said that three factors influence values and these are Location, Location and Location. Surulere occupies a prime residential location in Lagos State when you look at its proximity to Lagos Island. It might have lost its allure and attraction over the years but the current renewal of infrastructure by way of road re-construction has only signaled the beginning of explosion in property values in the neighbourhood.Collaborating earlier views, the Managing Partner, Massey Udegbe and Company, Mr. Massey Udegbe, who is also a fellow of that property and rental values will appreciate in Surulere even as this is going also affect the original town planning structure of that place.According to him, most areas of Surulere were originally built as residential areas but due to demand and pressure, commercial development seems to be taking over.The preset spate of property development in this area is naturally going to enhance property value as places like Victoria Island were just like Surulere but today has changed. It is envisaged that the same king of transformation could take place in that area going by the current trend of development.In his comments at the commissioning, LSDPC Managing Director, Mr. Taofeek Abiodun Oki, explained that the shopping mall was designed as connoisseur hosting international and home-based shoppers, from groceries to high-fashion boutiques to our food court offering variety of continental and African dishes.Already, the entire shops have been sold out, while 69 per cent of the owners have opened for business. Facilities at the complex include car park with 330 capacities. The mall is designed to host three cinema houses.The complex has three entrances, one for the bank, shopping complex and for the k-klamp. It is designed to be well secured and would have a police post. A 500KVA generator in addition to public electricity will power it. Individual tenants or shop owners are not allowed to bring in their generators.The complex has a void façade in its middle and a walkway, which gives clear view of movement and activities to people on all floors. When youre on the first floor you can see what is happening on the ground floor and on the second floor. It is the same view for people on other floors. We dont want to build an enclosed block.The corporations company secretary, Mr. Babajimi Benson said, the initiator of the complex, Brigadier Mobolaji Johnson, former military governor of Lagos, in 1975, designed the complex to meet the commercial and social needs of Surulere residents, thus, the decision to accommodate cinema houses in the project.The five-storey building comes with an elevator, gymnastic facilities, films viewing centres and conveniences for both the operators of Lagos residents.Gbaja Shopping Mall, as it is called, is one of several Lagos State public-private initiatives, which according to the governor, was designed to bring governance close to the people as well as improve their lifestyle.According to the governor, the development of the property had transformed what was formerly a scruffy part of town to a beautiful environment even as the project, which was completed in the stipulated time, is in consonance with the trend of infrastructural development being witnessed all over the state.
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