CFL unfolds N13b Lagos Alade Mall project
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The Ikeja Central Business District is to witness a new business outfit, which its activities will complement the financial and commercial institutions that the district is known for, particularly, the popular Allen Avenue.
Known as ‘Alade Mall,’ the project is being developed by Master Reality International Concepts Limited, a Subsidiary of Confedrating Facilitors Limited (CFL) Group of Companies.
The technical details of the project, as presented by the Company’s Group Managing Director (GMD), Mr Lai Omotola, are as follows: Central Dome that consists of Spar on ground floor, Children’s play arcade on first floor, while the second floor hosts four-Screen Cinema, a lounge on the third floor and a 21-room Metro hotel on the fourth floor.
“Added to this is giant aquarium with the biggest ATM gallery; two level basement car park that would accommodate 700 cars at once; a circular LCD for advert display and a secured landscaping with magnificent lighting,” Omotola said.
Besides, the mall will have walk-in-clinic, a cafe, gymnasium, restaurant, boutiques and high-end premium shops.
Other features designed for the mall include magnificent skylights, danpalon and attractive facade, escalator, marble tiling, suspended ceiling, CCTV, central cooling system, food court and two banking hall.
Handling the project construction is Messrs FADCO Nigeria Limited, while Messrs Broll is the facility manager and FCMB is the financier.
“This project that commences on December 22, 2016 is expected to complete on December 22, 2018. It’s a 30 years concessional period.”
The mall seats at the corner piece of Allen avenue roundabout that stretches from Opebi to Allen. It seats on a corner piece of 1.56 hectares of land.
“Our intention is to develop these 1.56 hectares of land and bring about a world class shopping centre.
“This is the site that accommodated the popular Alade Market which we are redeveloping. Our company has not leave the market alone, but rather ensuring that maintenance work is going on the market.
“We are also ensuring that the standard is adhered to. We still have our presence there. And we will continue to ensure that the market is one of the best, if not the best market in Lagos.”
He noted that the main reason for the relocation of Alade market is to pave way for Alade Mall, a modern structure that will meet the mega-city status of Lagos State.
For the prospective investors, two types of investments are available. These are equity and property investors. Equity investors are those who want to invest and resell in the future, while property investors are those who want to invest and rent out.
“For the equity investors, the investment rate is, N900,000 per square metre. For property investors, they can own the space and get a confirmed tenant with guaranteed rental income over the years,” he said.
He also stated that because of the delay in the commencement of the structure, six years have gone by.
“We are just about to start. We have had to change the design of the shopping centre three times. We have now reached the third and final design of the structure. The reason is that Lagos has not been the same in the last six years ago. Lagos has been changing, and one of the challenges that Ambode has thrown to the entrepreneurs is for us to dream dreams.
“Today, we are daring to dream by bringing the first and foremost mall in Nigeria and West Africa. The reason we are saying this is that Alade Mall is the first and foremost mall, because this will be the first mall that will have five ‘first things’ in the redevelopment of malls.
“The first one is that it will be the biggest mall in Nigeria in terms of lettable space which is about 24,000 square meters lettable space. So, in terms of lettable space, it’s the biggest in Nigeria. Apart from that, the mall will be the first one that will operate 24 hours, seven days a week. It will not short down. It will be fully operational 24/7.
“It will be the first mall to have two basement car parks. It will be the first mall with a giant aquarium that will occupy two levels of floors and lastly it will be the first mall to have in-house metro hotel within the mall. “Finally, this is the kind of mall where you can live, work, shop, eat and entertained,” Omotola boasted.
He also hinted that the mall will be the first to have all this combination put together in Africa and that the firm is happy to site it in Lagos as the first reference and to draw the world’s attention to the architectural masterpiece.
We have consciously taken our time, not just to build a mall but to build a signature edifice that everyone, far and wide would want to come for a little bit of tourism.
“Nigeria of today needs bold and savvy entrepreneurs. We believe that even in this time of recession, we have estimated that the project will cost 13 billion, and that it would be delivered by 2018. It is our hope and aspiration that come December 2018, we will have unprecedented shoppers, witnessing the opening of the Alade Mall.
“We thank Lagos State Governor, Mr Akinwunmi Ambode and Chairman of Ikeja Local government for the conducive environment he provided for the investors in the state”, said Omotola, noting that before the unveiling of the mall, 60 percent subscriptions have been received.
This include 114 brands both ingenious and foreign brands that have shown commitment in taking up space in the mall.
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