Surulere glows in commercial real estate market

With the urban renewal scheme by the Lagos State Government, commercial activities are gaining more notices within the metropolitan city of Surulere in Lagos State, thereby assuming another catchment for real estate developers and practitioners.

Now,  nicknamed the ‘New Lagos’ mainly because of its harbouring of the middle class, the city today has become a cynosure of what Lagos has to offer to businesses, residents and admirers from beyond.

Few months ago, the Lagos State government began a transformation of the area with road repairs, construction of international shopping malls and clearance of drainages.

As part of the state’s government urban renewal scheme various projects were recently constructed. They are, Gbaja Shopping Mall, Adeniran Ogunsanya Street and Adeniran Ogunsanya Shopping Mall.

The area also obviously benefited from the last hosting of the All Africa games and Under 17 World cup with major roads and streetlight receiving attention.  Altogether with this transformation, Surulere may have lost its almost exclusively residential character, which may have pushed residential quarters to the background. However, today Surulere Local Government stands out as one of the major commercial nerve centres of Lagos Modern Industrial Estate at Iganmu, with famous Street like Adeniran Ogunsayana, Ogunlana Drive, Western Avenue and a host of others standing out a testimony to this economic vibrancy.

Beautification project, fast food joints, high-end concert venues and Asian eateries are darted across the area with building projects also featuring.

Indeed, realtors and developers who spoke to The Guardian, revealed that this development had given commercial and residential properties better attraction, as already, properties along Bode Thomas, Adeniran Ogunsanya and Ogunlana Drive apartments were flourishing, thus confirming Surulere’s commercial real estate stocks’ increase.

Among other roads recently upgraded are the 1.02 kilometre long road stretches from Alhaji Masha/Shitta round about to Bode Thomas Road, which includes Akerele, Ogunlana, Adelabu and Babs Animashaun roads.

It also 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.

History

Surulere Local Government was created on August 27th 1999, from the defunct Mainland Local Government. The distance of the present Local Government from central Lagos is about eight kilometres with an area of about 27sq kilometers. Mushin Local Government bounds the Local Government on the North, while on the west/south it is bordered by Ojo Local Government and east by Mainland Local Government.

Some of the oldest and best primary and secondary schools in the country are in Surulere Local Government. They include Government College Eric Moore. Others are the various reputable missionary school like Anglican Girl Secondary School, Wesley School for the deaf, Pacelli School for the blind and partially sighted children, A.U.D Primary School, where majority of highly placed and influenced Nigerians were educated.

Available Spaces

Surulere’s property market is awash with available commercial and residential spaces. For example along Adeniran Ogunsanya, there is a building with big floors for commercial use up for let. Also, at the Lawanson area a recently built, three bedroom apartment is available for rent, while a porch three bedroom apartment is also available at the same area.

At the same area is an office apartment to let at a strategic spot in Ojuelegba, a three-bedroom bungalow for long lease at Adebola Street, off Adeniran Ogunsanya Street.

Other available spaces up for grabs at Surulere include: a three-bedroom apartment and two-bedroom flat located at Ojuelegba. A three-bed room duplex with three toilets each and a two-bed room flat. Car showroom space with office to let along Western Avenue, Surulere, and also a terrace building with two rooms boys quarters for office use only at Igbaja.

At the heart of Aguda is a two-bedroom apartment for let. Also at the same area is an apartment in a block of eight. Also located at Owokoriran area of Surulere, is a freshly renovated mini-flat apartment and a porch mini-flat located in the barracks area.

A lock up shops going for N8, 000,000.00, at 55, Aderibigbe Street, Ikate is also available, while a commercial detached house for sale along Adeniran Ogunsanya Street, Surulere is vacant.

A shop off Lawanson Road at N180, 000 per year, shop/office space on Masha Road kilo end going for N 450,000.00

A 54 square metre shop space for sale at Shoprite (Adeniran Ogunsanya Shopping Mall) is also open for business. Within the same axis also s shop/office space at Amdos Shopping Complex, Akowonjo is up for rent and a shopping complex block open for interested commercial tenants.

Pricing

Rental values at Surulere according to real estate professionals have appreciated astronomically in recent times due to recent completion of repairs on Bode Thomas Street, Adeniran Ogunsanya and Ogunlana Drive. This skyrocketing according to the experts had made Aguda area, which is also part of Surulere, the best alternative for property seekers.

As for pricing at the Western Avenue, Bode Thomas, Adeniran Ogunsanya and Ogunlana area, real estate professionals confirmed that residential duplex apartments which consists of three to five bedrooms go for between N1.5 million to N2.2 million depending on the location and facilities around it. However at Aguda area of Surulere, the same property goes for between N500, 000 to N850, 000.

In terms of office space letting, prices at the high-end areas range from N800, 000 to N1.5 million while at other areas it goes for between N400, 000 to N600, 000.

Generally pricing that area depends mainly on the location and facilities around it.

Also available at Aguda by Nobi Road is a block of four flats with three bedrooms going for an outright sale price of N35 million. While at the same area a two wing duplex going for the price N40 million with four bedrooms is also available.

Infrastructure

Surulere is served by a good network of buses and taxis and is coasted by Ikorodu Road, one of the city’s main highways, making it easily accessible. Traffic there according professional is not a problem. The numerous recreational and sporting facilities in Surulere have earned it the epithet “sport city”. One of the main sporting facilities is the national stadium complex. Also located in Surulere is the National Arts Theatre, designed by Bulgarian architects. The area has a large number of local markets such as the Tejuosho modern market and shopping centre and Iponri Shopping Complex.

In addition there are also foreign and Nigerian-owned department stores such as UTC and Leventis stores situated in the locality. There is a high police presence to protect the national stadium and National Theatre making the area very safe however water supply is a major challenge.

Realtor’s comments

Commenting recently about the area, immediate past President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Emeka Onuorah, was of the view that the new developments in Surulere would impact positively on property values in the neighbourhood.

“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 plazas”

Also Principal Partner of Godwin Properties Real Estate Surveying firm, Mr. Godwin Nmeje explained that demand for property in Surulere had increased with more clients seeking office and shop spaces along the newly repaired roads whiles others are settling for cheaper properties at the Aguda area.

He buttressed that the power supply in most areas was relatively stable but not constant even as the newly completed roads have sparked a rise in property values.

Also Principal Partner Smith Uche Real Estate Surveyors and Valuers Limited Mr. Joseph Uche Nwaobi, while affirming his colleagues’ comments stressed that corresponding development should be done in area such Masha and Aguda as they were also part of Surulere.

Senior Partner, Mr. 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 signalled 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 to 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.”

Clientele

Being developed area with majority of its clientele in the middle class, Surulere regularly receives patronage from businessmen, civil servants who want to take advantage of its accessibility to multiple locations.

Real Estate firms in Surulere

Elias Oversuor & Co

Smith Uche Real Estate Surveyors and Valuers

Femi Okun & Co- Real Estate Surveyor & Valuers

Godwin Properties Estate Consulting, Property Management and Brokers

Kendo Properties Limited Real Estate Broker and Valuer

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