IMPORTANT NOTICE

John Ezugwu is an Estate Surveyor and Valuer and a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV). He graduated from the University of Nigeria, Nsukka in 1986 and did his National Youth Service Programme in Kwara State a year after. He is currently the principal partner of John Ezugwu and Company a firm of Estate Surveyors and Valuers. In this interview with Castles, he takes us to how it all started at Aromire Avenue in Ikeja. Joel Abanafor writes…

Castles: Sir, can you tell us about your first property deal?
John Ezugwu: I cannot exactly remember my very first property deal at the moment. Nonetheless I came down to Lagos in 1988 and started working then at Ikeja. I think I can remember some of the transactions we had then. But the one that I would say strikes my mind the most was a property along Aromire Avenue. It was a detached house of 3-bedroom on two floors on a plot of land measuring approximately 3500sqm. The property was sold then for N320, 000. It caused a stir then in our office as it was a fantastic transaction.

Castles: How much would the same property be sold for today going by current price trends in the market?
John Ezugwu: To be candid, I cannot precisely tell you the current prices of property along that street or within the immediate neighbourhood in Ikeja, because with my office now in Lagos Island most of my focus is on the Lekki, Victoria Island and Ikoyi axis. Notwithstanding, if I were to look at the prices of some of the properties that our colleagues sent to us that we should help them sell, one can say that without the structures on the land the property would sell for nothing less than N450million.

Castles: How was the location at that time?
John Ezugwu: The location was beautiful and very attractive. It was a location that had so much prominence at that time. Even though it was not one of those hot areas in Ikeja in terms of property values, it still commanded impressive attention from would be investors. At that time Aromire Avenue was a predominantly residential street; there was nothing fantastic in terms of commercial developments.

Castles: How would you describe the location at the moment and what types of properties dominate the area now?
John Ezugwu: Right now, Aromire Avenue is basically commercial. I am sure if anybody is living there at the moment, he must be hiding or running away from something, because the area is now fully and completely commercialised. There are currently several bank branches in the area. Infact Oceanic Bank and about four other banks are now in that street with different kinds of developments and structures.

Castles: At what point did the area become commercialised?
John Ezugwu: It is difficult to say but if you look at most part of Lagos, the commercialisation of many residential neighbourhoods started around 1995 or thereabout up till around year 2000. That was when we had so many banks coming up.

Castles: What would you say are the current landmark development in the area?
John Ezugwu: Like I said ealier, there are several banks and finance houses with their branches in the area. Tianshi also have their branch office in the area. It is a massive structure with a very large curtain wall frontage. These are the major landmarks currently on Aromire Avenue. Obviously, there are some other buildings and companies, but none is as comparable to the ones I have mentioned.

Castles: What in your opinion makes the place a special part of Ikeja and Lagos generally in terms of property investments?
John Ezugwu: As a part of Ikeja, I think Aromire Avenue in all sincerity should attract such a shift in developmental focus.  The area has direct access to a number of commercial areas around Ikeja. It's off Adeniji Jones which is a very important street in Ikeja. It is also off Awolowo Way and off Allen Avenue because it joins both Allen Avenue and Awolowo at the Allen roundabout. From there, it links up with Adeniyi Jones. So, it's highly accessible and the roads are relatively well maintained. Basically, these are the major things that make the place a special place in Ikeja.

Castles: What do you think has contributed to the trend in terms of pricing?
John Ezugwu: In the first place, I will say demand and supply is the first reason. Apart from the banks a lot of other businesses also needed space to locate to locate their offices. Aromire Avenue which is like an extension of Allen Avenue has always been the Broad Street of Ikeja. So for those who can not pay for accommodations in Allen Avenue, the other option was Aromire Avenue. These are the things that helped to enhance the property values in the area. But majorly, the most important thing is demand and supply and the fact that you have all the facilities intact in the area.