Temple Tower is another addition to the growing list of developments on Ikoyi’s major commercial node, Alfred Rewane Way. It is a 15 floor office development being built by the group behind NIPOST/Energy Towers on Adeola Odeku Road, V.I. and 21 Gerard Apartments on Gerard Road, Ikoyi (YF Construction). Given the current stage of construction, Temple Tower should be completed before the end of 2015. It is on the corner of Temple road and Alfred Rewane Way.
The interest in the development of large commercial properties on Alfred Rewane (formerly Kingsway Road) has grown extensively in recent years, with additions to its development pipeline regularly seen. Currently, over 7 large towers (each over 13 floors) comprising of office, hospitality, residential and retail elements are under construction by private developers, private equity firms (Actis and African Capital Alliance), oil and gas companies (Sogenal) and corporates (British American Tobacco). See below:
- Temple Tower
- Kingsway Tower (Skyview Towers Limited [SPV])
- Chelsea Group Hotel
- Heritage Place (Actis)
- BAT Rising Sun (British American Tobacco)
- Sogenal Tower (Sogenal Oil & Gas)
- Kingstower (African Capital Alliance)
The increasing number of developments and decreasing number of sites available on this stretch could mean that in the future it will become an exclusive hub for commercial activity. This may happen as these office buildings are completed and [hopefully] occupied by large corporates who can afford Ikoyi. Average rentals for prime grade office space in this region are $1,000/m²/annum, similar to rates seen in established markets within the United States and Europe.
The inclusion of residential and retail elements in a few of these projects, as well as the existence of Southern Sun, Tarino Tower, Ikoyi club nearby and the Chelsea Group hotel development will also mean that this region could become a mixed use hub.
Nonetheless, parts of Alfred Rewane road will need to be re-tarred and other roads built to divert unnecessary traffic while reducing existing congestion.
http://www.estateintel.com/development-temple-tower-ikoyi/
By: Synergy Real Property
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