Developer announce plan to complete Maryland Business Plaza by March 2016

Good news is coming on the way of prospective tenants and business community in the Lagos Mainland area, as the developer and investors have announced plans to complete the redevelopment of the popular Maryland Business Plaza by March next year, which will ultimately increase the number of retail market in the metropolis.

The project is anchored by a development team boasting, local expertise and international best practice. The team is led by the Developer & Financier: Purple Capital Partners Limited. The firm currently has interest in financial services including a CBN licensed Microfinance Bank, Purple Money Micro Finance Bank Limited and real estate including the ongoing development at the Art Hotel, Oniru Lagos which upon completion will be managed by the Mantis Group.

The mall is situated along the arterial route of Ikorodu Road, on a corner plot of land at the entrance to Okupe estate, which is a prime area of the busy Lagos Mainland Axis. It is strategically placed within proximity to numerous banks, offices, hotels and major roads linking to the Central Business District as well as the Murtala Mohammed International Airport.

The carefully designed structure will be home to over 40 shopping outlets, banks, restaurants, a supermarket and a state of the art cinema facility. The mall with total Gross Lettable Area (GLA) of approximately 7,000 sqm consists of three floors inclusive of a mezzanine floor. The mall also includes basement parking with capacity for over 210 parking spaces making it the first purpose built basement parking for an urban built retail centre in Nigeria. Its external façade will hoist the largest outdoor screen in Sub Saharan Africa.

Maryland Mall has already achieved 90 per cent tenancy. Shoprite and Genesis Cinemas are the anchor tenants for this awaited mall. Stanbic Bank, Axa Mansard and Purple Money are the key financial services firms at the mall. Other tenants include Lifemate Furniture, Medplus Pharmacy, Samsung, DSTV, Montaigne Place, Tecno Mobile, Twice as Nice, Little weavers, Tesla Mobile, Asset Chemist, Plug Devices, Nett Pharmacy, LAX, Babybliss and Bollywood Hair.

Activity in the food court is expected to be sensational with a growing waiting list and confirmed tenants such as Barcelos, Sweet Kiwi, Euphoria Smoothies, Shuttles, Playzone, Cupyd Patisserie and three Zees Restaurant and Bar. Complementary Entertainment at the mall alongside Genesis Cinemas include Playzone and the first ever purpose built skating rink in Nigeria, Skate City.

The contractor’s representative, Mr. Roberto Finco of Horatio Limited, said: “The level of cohesion and professionalism by an all Nigerian development team allowed us the momentum required and we are set to deliver the mall in record time.”

Purple is currently in talks with domestic and international investors to raise funds for the purpose of increasing its real estate portfolio of Grade A retail