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Posted by: westo,
on 7/25/2010,
in category "Consumer Watch"
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Abstract: As we continue our research on budget properties, this week we have been able to discover one particular area that we could not ignore.
As we continue our research on budget properties, this week we have been able to discover one particular area that we could not ignore. We assume Isheri North Estate should be of interest to any investor.
Isheri North is located off Lagos Ibadan expressway and is about five minutes drive from Berger and is behind the Ogun State Property Investment Company (OPIC).
Click image to enlarge
Getting to the Lagos Island from Isheri North is not too difficult. The major bus stop around the Isheri North Estate is the popular Berger. From there one can get a direct bus to CMS.
The neighbourhood is surrounded by other estates like Sparklight Estate (which is opposite Isheri North Estate), Compass Newspaper, Chevron Staff Housing headquarters and the proposed site for Shoprite Mall. Inside the area there are other estates like the LSDPC Riverview Estate, Harmony Estate, Aspen Estate and Lonex Gardens.
Fairly adequate amenities are available in the area inspite of its small size – these include Shopping Plazas (Ultimate & Hamio plaza), Schools (Hydeal Educare School, Calvary Model College, Riverside Montessori School, Green Haven School), Petrol Stations (World Oil), Shops and Offices, and a Hotel.
Water supply to respective homes is through wells and boreholes, Electricity supply is from PHCN. Security is also tight in the area as there are Police patrols, Private security men and Local Vigilantes.
One of the most developed part of the estate is the LSDPC River - view estate which is on LSDPC Road Isheri, Residential developments there range from LSDPC block of flats, bungalows and duplexes, the houses have the same roof types with brown colour.
A few years ago, a plot of land in Isheri North was priced N1M – N2M, but now a plot of land in the estate ranges from N4M-N10M. Plots within the N4 to N5 million range are plots of land that are either water logged or far inside the estate, these type of plots will be good for long term investments. For those ready to build but are limited to a budget of N4M-N5M then can consider sharing a full plot with someone else and building on the half plot.
In terms of rental value, a 2 - bedroom flat will let out for nothing less than N250,000. A 3 - bedroom flat will rent for N300,000, 5 bedroom duplex is N700,000, while a 4 bedroom duplex is about N600,000 while 3 bedroom bungalow rents for N500,000.
The investment prospect of buying properties in the estate is quite promising. The assumption is that with Magodo Shangisha, Magodo Isheri and Omole Phase II just few minutes from the area (where property prices are already between N60M to N80M and even more), buying in this affordable location may just be the best investment decision for both the short and long term. Estate pundits have also predicted that property prices in Isheri in the next two years is likely to move up to N20M per plot.
Also plans by the Lagos State Government to connect Isheri to Ishawo in Ikorodu and another bridge proposed by the Ogun State Government to link the axis directly with Akute is definitely going to make people move there and investors that buy property now will get good returns before the next 2 to 3 years. This is because as people are moving there, rental prices are bound to rise.
From the afore mentioned, this may just be the right time for potential real estate investors to move into this location and take advantage of the opportunity before the market moves up.
Generally, a Certificate of Occupancy and Letter of Allocation is mostly available for buyers in Isheri North Estate as it is a Lagos State Government developed estate.
What is available in Isheri North?
Block 6 700M2 - N6.5M
Block A5 760M2 (corner piece)- N7.5M
Contact – Becks properties
Tel. No – 08038064040, 08083559046
Block 15 675.328Sqm – N7M
Block 65 725.782Sqm -N7M
Contact – Jackson Essien & associates
Tel. No – 08028317411, 08066418227, 08055458057
Isheri North – different plots within the estate with C of O from N4M – N6.5M
plot of 771Sqm at block 93 – N4.5M
Contact – FSH & associates
Tel. No – 08023130916, 08056056308, 08098699567, 07028106215
Isheri North
Block 70 plot 29 725M2-N4.5M
Block 77 plot 14 780M2 -N4.8M
Contact – Intertrust property Ltd
Tel. No – 07033526001, 01-8144967
Plot at Block 12, Isheri North -N5M
Contact – Joyce Obed Nwachukwu & Co
Tel. No – 08033060844, 01-8114125
Plot of land measuring 935.35Sqm beside Compass (C of O)
N6M
plot of land 400Sqm and 650Sqm before LSDPC with C of O
N3M, N5M
Contact – AMS Global property
Tel. No -08033481020, 08161115743, 08037227071.