Large Commercial Mall Of 10,811sqm Retail Lettable Space
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Property Description
Festival Mall Festac ("Mall") comprises a single-storey high headroom
structure accommodating retail shops of all-world-most famous brands,
food court, club, cinema, Its garden, leisure complex and cash-points from some commercial banks.
The footprint of the main structure is positioned on the eastern side of the site and overlooks the Festival Hotel and Residences. Commissioned in 2015 to service the demand for modern retail space in the Festac Town axis. It is notable as the first mixed-use estate development model of its kind in Lagos.
The mall has approximately 10,811.72m² of retail lettable area and is home to about 48 businesses offering a wide range of products and services ranging from clothing, food, household items, electronic equipment to gift items, a six-screen cinema and some digital screens and boards which are used for advertisements.
The mall boasts of having a car parking area of not less than 900 parking capacity.
There are two major anchor tenants- Shoprite and Genesis Cinema. The anchors occupy 42.31% rentable space of the mall and with over 95% of the remaining individual spaces occupying less than 10% of the total GLA.
Note: A financial institution is willing to finance up to 60% of the transaction leaving interested investors with 40% investment of the purchase.
Price: N8.5B asking
Annual rentals income: Over N900m annual.
Current occupancy: 93%
For enquires and more information, call or Whatsapp on 080864908166.
Property Details
| Property Ref: 2644118 | Added On: 04 Jan 2025 | Last Updated: 19 Feb 2025 |
| Market Status: Available | Type: Plaza / Complex / Mall |
Interesting Facts
Festac Town is a treasure trove of captivating details. Among these, a standout fact is its genesis as the venue for the remarkable FESTAC '77 festival—notably, the majority of the residents in this locale hail from the eastern reaches of Nigeria. Additionally, Festac hosts an innovative information-sharing platform, ensuring its inhabitants are consistently well-informed.
Leisure and Shopping
Popular Estates
Festac Town is renowned for its well-organized residential neighborhoods, commonly known as "estates," which play a crucial role in shaping the town's identity and offering a variety of living spaces for its inhabitants. Notable estates in Festac Town include Unity Estate, Apple Estate, Lake View Estate, Golden Estate, Cooperation Estate, Diamond Estate, and Greenville Estates.
Day Life
In Festac, the day life is a vibrant blend of diverse culinary delights, outdoor activities, and immersive cultural engagement. Residents and visitors alike can enjoy attractions such as Frankids Amusement Park and Victory Park, catering to kids and adults. When it comes to dining, an array of eateries including Woody Lounge, Bejoy Restaurant, Native Food Restaurant, Mamboo Restaurant, and Nibbles Cuisine, among others, contribute to the rich gastronomic tapestry of Festac Town, forming an integral part of the town's bustling day life.
Night Life
Schools
Read the full area guide for Festac, Amuwo Odofin, Lagos.
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