The Nation Newspaper

Tag: Maryland Mall

  • Police probe murder of businesswoman

    Police have commenced an investigation into the Monday night’s alleged murder of a businesswoman, Abimbola Ayanwale, The Nation learnt on Thursday.

    Ayanwale, a clothier, was alleged to have been murdered by someone who called her on her mobile phone after she returned home from work.

    She was said to have gone out shortly after receiving the call only for her body to be pushed off a commercial bus near the Maryland Mall on Ikorodu Road.

    According to a tribute on Facebook by one of her relatives Adegoke Adekemi, they were called around 11pm on Monday that she was dead.

    Adekemi wrote: “Aunty mi Ayanwale Abimbola Modinat, you were still active on WhatsApp till 8pm Monday. Only for us to be called around 11pm that you’re dead! How do these things happen?

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    “One minute, you’re healthy and bubbly. The next minute, you were called by someone, you went and you were shot to death! It’s a wicked world!

    “My heart is just about to explode. I can’t wrap my head around this. Rest in peace Aunty mi. We will miss you dearly,”

    It was gathered that Closed Circuit Television (CCTV) footage obtained from a shop near the shopping mall showed when her body was pushed off a moving commercial bus.

    Her friends and relatives, who took to social media, said her death was a clear case of murder.

    They noted that none of her valuables was stolen nor her body part missing.

    They ruled out the possibility of her falling victim to ‘one-chance operators.’

    Police spokesman Bala Elkana, a Deputy Superintendent (DSP) said there was no sign of bullet wound or stabbing on the woman’s body.

    He said an investigation has commenced on the matter to ascertain the true position.

    Elkana said: “We are investigating. No sign of bullet wounds or stabbing on her body. She seems to have jumped out of the moving vehicle.”

  • Stakeholders extol $25m Maryland Mall

    Stakeholders extol $25m Maryland Mall

    •’It’s a boost for economy’

    The commercial arm of the real estate sector is living up to experts’predictions. At the beginning of the year, realtors said shopping malls and office space sector will be more active in the industry. Across the country, it is common to see shopping malls, office buildings and or commercial buildings springing up.

    This trend, it is believed, will boost the retail activities penetration in the country. Available statistics revealed that only two per cent of Nigerians shop in formal retail supermarkets compared to 60 per cent of South Africans; 30 per cent of Kenyans; four per cent of Ghanaians and two per cent of Cameroonians. Similarly, retail trade accounts for about 30 per cent of the world’s gross domestic product, (GDP). This is about $22 trillion of retail sales yearly.

    Yet, the government data shows that Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years. It is estimated that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive. One of such retail outlets that has keyed into this prospect is the Maryland Mall, located on the Ikorodu Road axis in Lagos.

    The project, said to have cost about $25 million, was inaugurated in Lagos last week. It was developed by Purple Capital Partners Limited, a financial and real estate development company. It has been described as unique in design and rendition, especially because of the commendable use of space as the mall is springing up in a built up area and designed to fit the space available through mainly vertical development.

    The Maryland Mall sits on 7,700 square metres (sqms) of prime land in a built-up neighbourhood which used to accommodate the Maryland Shopping Complex. It has a gross lettable space of about 6,400sqms and it is built vertically, compared to the horizontal buildings that is the style in this clime. Logistics, such as movement to and around the mall has been made easy after studies carried out by the promoters with the Lagos State Ministry of Transport, with an estimated 5,000 cars passing by hourly.

    A dedicated underground car park, said to be the first within any mall in the country, provides ample space for cars. Already, a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, among other retail, hospitality and entertainment brands, have found a home in the Maryland Mall. The exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

    Purple Capital Partners Limited Chairman, Mr. Omotola Mobolurin, expressed delight at the  opening of the mall, especially because of its benefit to the economy.

    It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates,” Mobolurin said.

    The Maryland area aptly illustrates the various realities of city life. Located right in the middle of mainland Lagos, Maryland has been a residential district and a hectic hub of social activities for decades: it is also an economic and commercial nerve center; a major intersection connecting citizens and visitors alike to the major thoroughfares across the city, and an exhibit of the city’s quest for affordable, urban development.

  • N25b Maryland Mall to boost economy

    N25b Maryland Mall to boost economy

    The commercial arm of the real estate sector is living up to experts’ predictions. At the beginning of the year, realtors had made it clear that shopping malls and office space will be the arm that would be more active in the industry. Across the length and breadth of the country, it is now a common sight to see shopping malls, office buildings and or commercial buildings springing up.

    This trend, it is believed, will boost the retail activities penetration in the country. Available statistics revealed that currently, only two per cent of Nigerians shop in formal retail supermarkets compared to 60 per cent of South Africans; 30 per cent of Kenyans; four per cent of Ghanaians and two per cent of Cameroonians. Similarly, retail trade presently accounts for about 30 per cent of the world’s gross domestic product, (GDP). This is about $22 trillion of retail sales each year.

    Yet, government data shows that Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years. It is estimated that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive. One of such retail outlets that has keyed into this prospect is the Maryland Mall, located on the Ikorodu Road axis in Lagos.

    The project, said to have cost about N25 billion, was inaugurated on Tuesday. It was developed by Purple Capital Partners Limited, a financial and real estate Development Company, attracted since been described as being unique in design and rendition, especially because of the commendable use of space as the mall is springing up in a built up area and designed to fit the space available through mainly vertical development.

    The Maryland Mall sits on 7,700 square metres (sqms) of prime land in a built-up neighbourhood which used to accommodate the Maryland Shopping Complex. It has a gross lettable space of about 6,400sqms and it is built vertically, compared to the horizontal buildings that is the style in this clime. Logistics like movement to and around the Mall has been made easy after due studies carried out by the promoters in collaboration with the Lagos State Ministry of Transport, with an estimated 5,000 cars passing through every hour. A dedicated underground car park, said to be the first within any mall in the country, provides ample space for cars. Already, a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands, have found a home in the Maryland Mall. The exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.

    Declaring the Mall open for business, Mrs Onikepo Akande, President, Lagos Chamber of Commerce and Industry (LCCI) noted that retail is one of the cornerstones of trading and investment, and Purple Capital, the developers of Maryland Mall, have done extremely well to give Maryland a new lease of life through this retail investment.

    “It is my sincere belief that this new mall will help to expose and grow the manufacturing and commercial potential of Lagos state and by extension, the national economy,” Akande said.

    As Nigeria’s industrial and commercial capital, Lagos is expected to lead the national count for modern shopping malls over the next decade, in tandem with the city’s fast growing population, currently put at anywhere between 17 and 20 million people.

    The Chairman of Purple Capital Partners Limited, Mr. Omotola Mobolurin, expressed delight at the completion and opening for business of the mall especially because of its attendant benefits into the economy. “I am delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status. It is particularly gratifying that the construction and financing for this retail development is being concluded on time and within projected funding estimates,” Mobolurin said.

    The Maryland area aptly illustrates the various realities of city life. Located right in the middle of mainland Lagos, Maryland has been a residential district and a hectic hub of social activities for decades: it is also an economic and commercial nerve center; a major intersection connecting citizens and visitors alike to the major thoroughfares across the city, and a perfect exhibit of the city’s quest for affordable, urban development.

  • Maryland Mall redefines retail marketing

    Maryland Mall redefines retail marketing

    The predictions of experts in the real estate industry that the commercial segment of the sector will be more viable than the residential arm this year may not be unfounded, given the level of development in the commercial wing of real estate business. It is now a common sight across the states to see shopping malls, and office/commercial buildings springing up.

    This trend, it is believed, will boost the retail activities penetration in the country, presently estimated to be at two per cent, compared to what obtains in the United Kingdom said to have 80 per cent penetration. One of such fast developing is the Maryland Mall, located on the Ikorodu Road axis in Lagos.

    The project, being promoted by Purple Capital Partners Limited, a financial and real estate development company, has since been described as being unique in design and rendition, especially because of the commendable use of space as the mall is springing up in a built up area and designed to fit the space available through mainly vertical development.

    The Maryland Mall sits on 7,700 square metres (sqms) of prime land in a built-up neighbourhood which used to accommodate the Maryland Shopping Complex. It has a gross lettable space of about 6,400sqms and it is built vertically, compared to the horizontal buildings that is the style in this clime. Logistics like movement to and around the Mall has been made easy after due studies carried out by the promoters in collaboration with the Lagos State Ministry of Transport.

    The managing partners of the project, Mr. Olaide Agboola and Mr. Obinna Onunkwo, said they worked with the Lagos State Ministry of Physical Planning and Urban Development, and the Ministry of Transportation for about five months “before we were able to get an approval to do what we are doing. We created something like a slip-road around the mall. We created a new road infrastructure at the mall to accommodate the vehicles that will be taking through the Ikorodu road.”

    Already, over 40 brands have keyed into the Mall, with some already configuring their space to suit their brand. The anchor tenants in this mall are led by Shoprite, a reputable retail shop and Genesis Cinemas, which has four screens in Maryland Mall. It was gathered that Shoprite, for the first time, will use the Mall as a demo-location for an initiative it calls “Shoprite-You-Save.”

    Stakeholders in the retail market maintained that this kind of structure and innovation allows even international retailers to further express greater ingenuity they also have in other markets like what obtains in Zimbabwe and other countries in Southern Africa where the You-Save brand or Shoprite Mini brand has been in existence. Maryland Mall will also be fitted with a huge 550sqms LED screen, said to be the largest and newest in sub-Saharan Africa. The screen would be managed by the Troika Group, apart from other screens that is being jostled for by other advertisers.

    Onunkwo, locating the Maryland Mall on Ikorodu Road is strategic considering that the Ikorodu Road axis has a traffic flow capacity of over 5, 000 vehicles per hour. Besides, on the stretch, there is no single mall of international standard that is capable of catering to the aspirations of the retail market.

    Agboola, giving reasons for the vertical construction, explained that in building retail outlets on Lagos mainland, it is extremely difficult to get the size of land that may be required, unlike in the newer parts of Lagos such as the Lekki corridor. This, he said, brings out the ingenuity in the promoters especially in the way the mall has been structured and built. Such ingenuity, he said, enables the owner to maximise his returns and optimise what he gets on his building. For instance, to maximise the space the promoters had to include a dedicated basement parking lot into the building, thereby getting an additional three floors of retail, supported with escalators and lifts.

    The mall, Onunkwo revealed, has the lowest development cost per square metre in the country at the moment. The average cost is estimated to be N730,000/per sqm. “We are well below that and we are clearly the go-to development partner if you want to arrive at development cost that makes sense. In this location and in terms of return profile, we are probably going to be the highest. We have leased both vertically and horizontally,” he said.

    For this duo, the Mall, given the strategies deployed into making it a reality, presents a new way of doing business in a retail space. This is because infrastructure in the state is yet to be commensurate with the on going development in the state; hence, the need for sustainable development.

    They therefore called for sustainable development through the provision of adequate infrastructure, particularly in built-up areas. They also plan the soft opening of their precious project, the Maryland Mall, Lagos, in May, this year.

    Construction of the Maryland Mall, started in September 2014 and its expected to be inaugurated by April 2016.  The Maryland Mall, a partnership between Purple Capital and Network Hotels, is financed locally by Stanbic IBTC.

  • Firm redefines multi-level shopping with Maryland Mall

    Firm redefines multi-level shopping with Maryland Mall

    Purple Capital Partners Limited, a leading specialist investment firm, which also doubles as developers and financiers, in collaboration with Network Hotels Limited, is set to berth the Maryland Mall, a new shopping facility being developed in Lagos mainland area.

    The Mall is being redeveloped from the popular Maryland Business Plaza located on Ikorodu Road in the Maryland area of Lagos State. Maryland Mall is strategically located to serve residents in the Mende, Anthony, Ilupeju, Ojota, GRA Ikeja, Oshodi, Gbagada and all commuters along that axis.

    The Mall which sits on a buildable area exceeding 10,000sqm and has approximately 7,000sqm of gross lettable area, has a unique design conceptualised by CmDesign-Atelier (cmD+A), an indigenous and internationally-trained architectural team.

     The Architect, Tosin Oshinowo said it was easy to design the mall using the brief from the client, adding that it was all done to suit the environment.

    Oshinowo, who is the Chief Executive Officer of cmD+A, a firm of architects, said the building is on the ground, first, second and third floors. On the ground floor are predominantly shops with Shoprite as the anchor tenant, saying “we tried to, in space planning and function, make sure that the space will be used efficiently. A lot of the tenants were particular about the fact that it is a mall of more than one floor, because traditionally, a mall gives the idea of street where you have shops on either sides of a walkway. When you have something with a vertical element, it is strange for shopping. There are very few places in the world where you can have a mall on many levels that really works. Traditionally, it is the department store that works well on floors and not necessarily the mall.”

    The Mall is set to open in December 2015 and will play host to a mix of local and international brands anchored by Shoprite, Genesis Deluxe Cinemas and Stanbic IBTC Bank. The Mall is currently over 65 per cent leased and has a diverse base of tenants. Shoprite will open its first Usave brand. This is expected to alter the face of retail experience in Nigeria.

    This is in partnership with Optimum Exposures Limited a member of the Troyka Group. For the first time, a retail mall in Nigeria will have a strong multiple revenue stream further enhancing the efficiency of the development.

    Purple’s Chairman, Mr. Olutola Mobolurin, had this to say of the exciting development; “The Maryland Mall represents a distinct shopping mall for all retail activities which goes beyond where mall users seek pleasure or entertainment but stands as a sensation of luxury which is reflected by the external façade, a first of its kind in sub-Sahara Africa, and basement parking which all reflects the Purple way of thinking outside the box unequalled when it comes to real estate delivery. This development is clearly a landmark.”