Key highlights
- Lekki Phase 1 in Lagos, is an important middle to upper-class residential area with a total retail space of approximately 52,000 sqm, of which 31.5% are Plaza developments.
- The total retail space in Lekki Phase 1 is expected to grow by 35% over the next 24 months, driven by upcoming retail developments such as Purple Lekki, Malvin Mall, and Lekki Town Square, which will cater to the needs of the residents of the area.
- The Lekki Retail landscape has seen notable retailer exits in the past 24 months, such as Freshforte, Deli’s, and Hubmart.
Lekki Phase 1, located in Lagos, Nigeria one of the most important middle to upper-class residential regions in the country. As of today, the total stock of retail space in Lekki Phase 1 is approximately 52,000 sqm of which 31.5% are Plaza developments in the area.
Over the past two years, there have been significant additions to the retail landscape of the region such as the completion of Prince Ebeano’s Supermarkets, Admiralty Mall, and Providence Mall on Providence Street.
In keeping with this trend, total retail space in Lekki Phase 1 is expected to grow by 35% over the next 24 months. This growth will be primarily driven by the upcoming developments in the region, which we have profiled below.
These retail developments are expected to provide a mix of local and international retail brands, supermarkets, restaurants, and entertainment facilities, catering to the needs of the residents of Lekki Phase 1 and other adjoining areas.
Here are 3 of those projects:
1. Purple Lekki
Purple Lekki is a mixed-use development by Purple Capital located off Freedom Way. The 8-floor development comprises commercial, retail, hospitality, and entertainment services. It is billed for completion in Q4 2023. Name
- Developer: Purple Group
- Expected Completion Date: Q4 2023
- Size: 12,000 sqm
2. Malvin Mall
Malvin Mall is a retail development located on Admiralty Way, and it is being developed by Homework Group. The development comprises 32 lettable spaces with sizes ranging from 25 sqm to 376 sqm which are currently up for sale at NGN 1.65 million per sqm. It has been billed for completion in Q4 2023
- Developer: Homework Group
- Expected Completion Date: Q4:2023
- Size:
3. Lekki Town Square
Developed by Brick Homes Limited, Lekki Town Square is a retail development located on Providence Street. It comprises retail and office components for potential occupiers of the mall and it is billed for completion in Q3:2024. Brick Homes Limited is also responsible for the development of Ikeja Town Square and Magodo Town Square.
- Developer: Brick Homes Limited
- Expected Completion Date: Q3:2024
- Size: c. 5000 sqm
In a follow-up from the pandemic, we have seen a rise in mixed-use developments with sizeable retail components and also the development of neighborhood hypermarkets close to residential homes driven by grocers such as Prince Ebeano in Lekki Phase 1, and this is reflected in the grade of developments driving the growth of formal retail in the area.
Simultaneously, other factors such as reduced purchasing power, cheaper rents that retailers can afford, and faster construction timeline have meant that smaller retail developments are preferred by developers and tenants alike.
The Lekki Retail landscape has also suffered notable retailer exits in the past 24 months, these retailers include:
- Freshforte (Internal Matters)
- Deli’s and,
- Hubmart, who left Lennox Mall and was replaced by Cash and Carry.
NB: The Amore Multiplex and Edmark City have been left out because they have been On Hold for over a year.
So, based on this information, which of the buildings is your favorite?
We love your feedback! Let us know what you think about the retail projects driving the growth of formal retail in Lekki Phase 1 by sending an email to insights@estateintel.com
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Author: Dapo Runsewe
