Bright outlook for retail sector as UPDC begins Victoria Mall III

Illustration of the proposed UPDC Victoria Mall Plaza III, Victoria Island, Lagos

Illustration of the proposed UPDC Victoria Mall Plaza III, Victoria Island, Lagos

When the Victoria Mall Plaza Phase III is eventually completed and opened for business, the retail sector of the real estate market in Nigeria would significantly be boosted, courtesy of the UAC Property Development Company (UPDC) Plc.

This project is dotting Lagos landmass, specifically on an expanse of land along Bishop Aboyade Cole Street in Victoria Island, Lagos expected to be a masterpiece of architectural statement when it is finally unveiled.

Victoria Mall Plaza is coming after the foremost real estate company, UPDC, successfully commenced and delivered phases one and two of the project.

Although the firm in 2009 commenced a mixed-use development called the Victoria Mall and Plaza, it had structured to deliver them in phases including a residential development, offices and the shopping mall.

While the first two had been delivered in 2010 and 2011 respectively, piling work is ongoing on the coming mall.

On the stable for now is the phase three packaged as a Shopping Mall, christened as Victoria Mall Plaza III, which will exude offices, commercial car park and an event centre.

Already, design work for phases three and four, The Guardian learnt, has been concluded. Also, According to Mrs. Titilayo Gbadamosi, General Manager, Sales and Marketing, UPDC, the Lagos State Government had granted planning approval for both phases.

It is designed to create best- in- class mixed use development, which will combine residence, shopping, business and leisure in a beautiful, serene and lively neighborhood.

Under the development plan, Victoria Mall Plaza 3 is occupying a land area of 7,796 square meters along Bishop Aboyade Close Street, Victoria Island, Lagos.

Gbadamosi said that the commercial car park and event centre would be developed first while the shopping mall and offices would follow thereafter.

Key Features of the development are flexible lettable retail shops and food court, ultramodern office block on 15 levels, as the space was said to be flexible and can be adapted to different business needs.

There would also be multi-storey car park, luxury quality sanitary wares and fittings, kitchen and preparation area for the event center.

Other facilities include speed elevators, dedicated transformer with standby generators, ample car parks, borehole and water treatment plant and sewage treatment plant.

Mrs. Gbadamosi said at the moment, piling work is ongoing as plans are on ground to schedule commencement of construction after the piling work had been concluded, which she said would be very soon.

According to her “We are just about to commence marketing and we plan to reach out to major international and Nigerian retailers.”

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