IMPORTANT NOTICE

Victoria Island is currently the unofficial commercial capital of Lagos. The location without doubts has the highest cluster of business outfits in the country. However, one part of Victoria Island that has however caught the attention of business owners and investors alike is Adetokunbo Ademola Street. At the moment, Adetokunbo Ademola Street has some of the major landmark developments in Victoria Island.

Adetokunbo Ademola Street is located off Ozumba Mbadiwe Road, opposite the popular 1004 Estate.  Adetokunbo Ademola Street can be accessed from Ahmadu Bello Way and also has a direct link road with Ajose Adeogun where Zenith Bank headquarters is located. Though planned primarily as a residential neighbourhood just like other parts of Victoria Island, survey of current use of properties in the area, show a ratio of 70% to 30% in terms of commercial and residential use of properties respectively.

Infrastructure in Adetokunbo Ademola Street at the moment is excellent. The road linking the area to other parts of Victoria Island is well tarred and paved with drainage channels to fight against flooding when it rains. Power supply in the area is relatively stable and water supply from the public mains is of the average. However, most residents in the area use boreholes as a supplement for getting potable water just as generators are used as alternative means of power supply.

Business currently in the nooks and crannies of Adetokunbo Ademola includes hotels, banks, telecommunication firms, eateries, supermarkets and night clubs. On these street is situated the Eko Hotels and Suites, Starcomms Head Office, various banks like GT Bank, Bank PHB, Unity Bank, UBA, Prestige bank, relaxation, entertainment and event spots like Ocean view Restaurant  and the Civic Centre which is just about 2 minutes drive away from the street.

Over the years, the commercially viable nature of Adetokunbo Ademola Street like most parts of Victoria Island has seen property prices on the rise.  seven years ago it was still possible to get a plot of land in Adetokunbo Ademola Street for as low as N50million but currently a plot of land in the area will sell for between N250million and N300million. In terms of developed properties, a detached house on a plot of land measuring over 1000sqm in the area will sell for between N300million and N400million depending on the level of finishings.

On the rental scale, an office space on Adetokunbo Ademola currently rents for between N40, 000 per sqm and N45, 000 per sqm per annum while a 4 or 5 bedroom detached house will rents currently for between N15million and N18million.   However, the area is a good investment because in less than two years from now there would be a very high capital appreciation.

In terms of investment prospect, buying a property especially for redevelopment purposes is seen as a wise decision because going by the new Approved Order of the Lagos State Government for Ikoyi-Victoria Island Model City, Adetokunbo Ademola Street is one of the locations within Victoria Island with grants for mixed use developments (70 % commercial and 30% residential). Adetokunbo Ademola Street is also one the areas in Victoria Island planned as a high-density areas and as such building are expected to go as high as 8floors on the minimum and 15floors on the maximum. However, the minimum number of floors a building can go is not rigid but desirable. The building coverage on one hectare of land is expected to be 40% with adequate parking space provided on the ground floor, first floor and second floor.  

Recommended complimentary uses of properties in the area include lawn tennis court, swimming pool, gymnasium, generator house, gate house, toilet and restaurants.