The Regional Road And Its Impact On Property Valuation Within The Lekki Epe Corridor
The Lagos State Government under the leadership of Governor Sanwo-Olu kicked off the construction of the Lekki Regional Road in Eti-Osa Local Government in May 2020. The regional road, which according to the Lagos State’s Governor during its flag off is a manifestation of his administration’s commitment towards improving socio-economic activities in the Lekki-Epe region through the provision of supporting infrastructure. This project would not only change the entire landscape of Eti Osa and improve journey time for commuters but also boost the efficiency of government’s traffic management strategy
The 8.75km road which is expected to set ground for the proposed Fourth Mainland Bridge, will link Freedom Way to Victoria Garden City (VGC), with the aim of decongesting the Lekki-Epe Expressway.
The interesting thing is that the commencement of the construction of the regional road is already impacting positively on real estate in the Ajah and Elegushi areas, and more specifically, on major new city projects happening on the new Lekki Central Zone and the new Lagoon District, both located within the Lagoon water body to the north of Lekki-Epe Expressway.
The Regional Road project is also part of the reason for the current high level of capital appreciation of properties within the Lekki corridor. Some of the major beneficiaries of the construction include and not limited to the estates and developers below.
- VGC • Pearl Gate Estate • Bourdillon Estate • Bakare Estate • Friends Colony • Thera Annex • Lekki Gardens Horizon 1 • Cowrie Creek Estate • Arcadia Grove Estate • Northpointe Estate • Bera Estate • Oasis Park Apartment • Brown Stone Estate • Frico Court.
Also several property developments are ongoing in the Lekki districts and some of the developers are Tribitat, NDIC proposed Lagos office, Grenadines Homes, Private Equity Investors, Canaan Developers amongst other.
Though the budget for project has not been made public it will be built on a 45 meter wide Right of Way (RoW) with at least 3 bridges and 15 drainage channels.
Once completed, it will have a clear impact on the commercial real estate market in the fast-growing Lekki-Epe Suburb and Lagos State in general. We look forward to the new developments that will sprung up as a result of the Regional Road project over the next few years.
If you want to benefit from the current capital appreciation via a property that is strategically located off the Regional road which is off the Freedom Way Lekki Phase1 then The Ambience Height Luxury Apartments should be it for you.