In May 2020, the Lagos State Government under the leadership of Governor Sanwo-Olu kicked off the construction of the Lekki Regional Road in Eti-Osa Local Government. The 8.75km road will link Freedom Way to Victoria Garden City (VGC), with the aim of decongesting the Lekki-Epe Expressway.
Once completed, it will have a clear impact on the commercial real estate market in the fast-growing Lekki-Epe Suburb and Lagos State in general. In this note, we have explained everything you need to know about the regional road, including site plan and our thoughts on how it will impact the real estate market in the region.
It is handled by Hitech Construction Company Limited and Advanced Engineering Consultants
Hitech Construction Company Limited, is the Contractor for the project, while Advanced Engineering Consultants (AEC) are serving as Consultants. Hitech Construction Company Limited has also been involved in some other road construction projects in Lagos including; the 735m Ologun Agbaje Street Road and the 315m Agoro Odiyan Street Road both in Victoria Island, as well as the Osborne Jetty and Terminal building.
It will take 22 months to finish, and is expected to be ready by April 2022
The project was awarded to the Contractor at the end of May 2020, and construction commenced in June same year. The State Governor, Babajide Sanwo-Olu mentioned that the project will take about 22 months to finish. Based on this timeline, completion is expected during April 2022 and is meant to set the base for the 4th Mainland Bridge construction, which is expected to commence the same year.
Site Plan for the Lekki Regional Road, Estate Intel
The road will be built on a 45 meter wide Right of Way (RoW) with at least 3 bridges and 15 drainage channels
Although the cost of the project is not disclosed, the 8.75km road will be built on a 45 meter wide Right of Way (RoW) with at least 3 bridges and 15 drainage channels for water disposal. The Special Adviser to the Governor on Works and Infrastructure, Mrs Aramide Adeyoye, further explained that the project will also feature an additional 500-meter bridge, 251-meter interchange, 50-meter bicycle lane, and an adjoining 500-meter road.
Lagos State Government has had this road in its plans all along
The plan for the regional road is not new to Lagos but has been in the Lagos Metropolitan Masterplan since 1982. It was also retained in the approved Lekki Comprehensive Master Plan in 2013, even though the State has not had it on the front burner.
VGC, Bourdillon Court Estate, etc will see some value increase
The plan shows that the road will stretch from Freedom Way in Lekki Phase 1, through Chevron Drive, to VGC. We expect that those estates within the alignment will see some value increase resulting from the road project. These estates include:
- Pearl Gate Estate
- Bourdillon Estate
- Bakare Estate
- Friends Colony
- Thera Annex
- Lekki Gardens Horizon 1
- Cowrie Creek Estate
- Arcadia Grove Estate
Other Estate along the same corridor that will see some potential value increase as well includes:
- Northpointe Estate
- Bera Estate
- Oasis Park Apartment
- Brown Stone Estate and
- Frico Court
It will spur more developments along the Lekki-Epe arteries in the next few years
Infrastructure is key to real estate development and is a major growth driver for cities in general. Although projects like the Lekki Free Trade Zone, Lekki Ports, Dangote Petrochemical Plant, Lekki Airports, etc, will boost the economic impetus of the region, road and other alternative transport infrastructures are even more imperative. As the road nears completion, we expect that it will encourage even more developers and landowners to build along the Lekki-Epe axis.
It will also reduce the pressure on the already congested Lekki-Epe Expressway
One of the most exciting impacts that the Lekki regional road will have is that it will reduce the pressure on the already congested Lekki-Epe Expressway. This, in turn, will boost real estate activity in the region and make the region even more appealing to real estate investors.
We are excited to see the growth that will ensue over the next few years. Let us know in the comment section, how you think the regional road project will impact the commercial real estate development along the Lekki-Epe corridor.