The Free Trade Zone was conceived and has been executed with a major planning failure embedded into it, perhaps a function of its provenance, or a consequence of same. There is a failure to plan for the upsurge in housing demand, and the consequence is that people who work in the FTZ (and in the several companies springing up in the neighborhood) are compelled to live several miles away.
The sheer size of the Dangote undertakings and the resultant staff accommodation challenges should offer a panoramic view of the objective realities of the housing market at the project location. Construction workers at the Dangote project are largely housed in the several slums that have sprung up within the immediate vicinity of the project. But where do the engineering staff and expatriates live at the moment?
They are found as far afield as VGC, Manor Gardens, Fara Park, Lakowe Lakes, Beechwood Estate and Amen Estate, which are the closest locations to any of the entities in the FTZ. It appears that estates along the Lekki-Epe corridor, have become filled to capacity because of the incessant demand for housing stock in the corridor.
The housing situation is tailor made for this project.
This Developer has moved from building single, detached units in 2008 to developing Tynedale Mansions in 2009. Tynedale Mansions comprises of 10 units of four-bedroom terrace apartments with a room BQ. It also has a Bedsit apartment in the complex. The facility was delivered with a good-sized family swimming pool, ample parking space, two Caterpillar generators, borehole and water storage capacity. The project was designed and delivered with families as first consideration.
Our newly completed project – Tynedale Mews, which comprises of 44 units of one and two-bedroom apartments and was designed with bachelors and retirees in mind. It is fully serviced with 24 – hours access control security system, generators, swimming pool, sewage treatment plant, borehole and water treatment plant. We are in the process of welcoming residents into the complex and expect to be fully occupied before the end of the month.
THE PROPOSED HELEN’S NEST SITE
We cannot separate the CEO from the proposition we have to offer, taking into account his wealth of experience in the Real Estate sector and considering that we would be offering uniqueness, pedigree and clear provenance.
ABOUT THE CEO:
He has spent the past couple of decades largely enmeshed in the Real Estate sector of the Nigerian economy. He witnessed the transformation of Lekki from the swamps of the nineties, to the massive dredging and construction sites of the early 2000s, which was fueled by the demand of the emerging middle class for housing close to the several banking, insurance, telecommunications and other companies in fast-growing sectors of the economy at the return to civilian rule. He also saw the growth of the serene swamplands into the urban jungle of the 2020s.
This project offers a chance to do it differently.
There is an acute shortage of suitable accommodation for the expatriates and senior Nigerian staff of multiple companies that are either coming or are already in the FTZ and Helen’s Nest is conceived as a purpose built, niche targeting product.
It comprises of 48 units of two-bedroom serviced apartments with well sized, service quarters. The bedrooms are all en-suite and generously proportioned.
The complex has ample facilities designed to ensure the maximum comfort and convenience of the residents. There is provision for a lawn tennis court, gymnasium and a swimming pool, amongst other facilities.
The project is situated by two bodies of water: a fresh water lagoon nesting by its border and the Atlantic Ocean right in front of it. The plan is to provide a jetty on the lagoon for residents who might be interested in sailing the same.
The Investment Proposition
Real Estate is a product, akin to the production of anything else. Real estate may be reduced to an investment proposition and consideration given to several factors which rate how good an investment the same is, in the same manner as any other investment proposition e.g., shares, stocks. Let me explain.
The rule of thumb in determining a baseline for a viable real estate investment is calculated by multiplying the achievable rent on the property by 15 years. If the rental income in this time is less than the purchase price for the property, such a property would not be considered a good investment proposition. To further illustrate this; if you bought a property for ₦50,000,000.00, and the achievable rent is ₦2,500,000.00 – ₦3,000,000.00 per annum, it is a bad property investment. But if you bought a property for ₦50,000,000.00, and the rental income is ₦4,000,000.00 per annum, you may go ahead and congratulate yourself.
Helen’s Nest is being offered off plan, for a limited period, on a first come – first serve basis, subject to contract at the price of ₦ 40,000,000.00 (Forty million Naira), subject to availability. It is our firm belief that you may expect nothing less than ₦3,000,000.00 per annum in rental income, and this is a very modest forecast. We expect that you would get more value than your expectations and confidently say that we shall surpass your expectations.
We have established a firm reputation for integrity in our dealings with our diverse community of buyers, and we are happy to have you listen to the testimonies of their experiences in dealing with us over the years.