Key highlights
- Ondo State Government is re-purposing and re-developing its real estate assets in two prime areas of Lagos State.
- The real estate assets are Sunshine Plaza in Victoria Island and Sunshine Apartments in Parkview Estate, Ikoyi.
- Sunshine Plaza is a 7-floor office development with a total gross leasable area of 3,798 square meters, and its completion is expected in Q4 2023.
- Sunshine Apartments consist of 6 units of 3-bedroom apartments with BQs and a penthouse, and the average rent for a 3-bedroom apartment in Ikoyi is #12,500,000 Naira per annum.
The Ondo State Government, through its Development and Investment Promotion Agency (ONDIPA), recently took a significant step in the re-purposing and re-development of its real estate assets in two prime areas of Lagos State. The assets are Sunshine Plaza, Victoria Island, and Sunshine Apartments, Parkview Estate, Ikoyi, taking a note from Ondo State’s moniker as the “Sunshine State”.
Sunshine Plaza
Formerly known as Oduduwa House, Sunshine Plaza will replace the former Ondo State liaison office. Located on Ahmadu Bello Way, Sunshine Plaza is a 7-floor office development and has a total gross leasable area of 3,798 square meters (633 sqm per floor with ground floor parking). Members of the project team include:
Main Contractor: Prestigious Homes Limited.
Architect: Hand Sketch Architect.
MEP Engineer: Abbott Engineering Company Limited.
Structural Engineer: Bosild Construct Limited.
Project Manager: Estate Links.
Completion of Sunshine Plaza is billed for Q4 2023.
Sunshine Apartments.
The land where Sunshine Apartments is being built was acquired by the Ondo State Government administration between 2003- 2009 and used as the Governor’s Lodge, the property was then abandoned after Olusegun Agagu’s administration. Located in Parkview Estate, Ikoyi, the development consists of 6 units of 3-bedroom apartments with BQs and a penthouse. Members of the project team include:
Main Contractor: Pleasant Design
Project Manager: Estate Links
The development of these properties underpins our previous observation on State liaison offices and Governor’s Lodge being re-purposed through partnerships with developers in Lagos State.
According to Estate Intel’s market analysis dashboards, the average rent of a 3-bedroom apartment in Ikoyi is #12,500,000 Naira per annum and the average rent for a B+ office building in Victoria Island is $400 per sqm.
Author – Dapo Runsewe
I am very excited to see these Developments, this is wonderful.
That’s great as seen, Ondo state ilu tio kun fun wara ati oyin. We are blessed with mineral resources and I am pretty ondo government going to build the new America in ondo state. Can’t wait to see good life they are all about to welcome.