Novare Equity Partners has announced that construction has started on its fourth commercial development in Nigeria, the multi-billion naira Novare Gateway mall in the capital city of Abuja.
The flagship project is scheduled to open during the third quarter of 2017.
Speaking at the ground-breaking ceremony this week, the Nigerian Minister of Federal Capital Territory, FCT, Alhaji Mohammed Bello said his administration would give all the support needed to make projects like Novare Gateway successful as they serve citizens, create employment and generate multiplier economic activities.
He also commended Novare Gateway for partnering with the Abuja Chamber of Commerce in executing the project by leveraging on local expertise, local information and local content.
The total size of the mall will be approximately 25 000m2. The development will be phased with an initial stage of 15 278m2. The total cost for the first phase is forecast to be $68 million.
According to Jan van Zyl, head of property development in Nigeria for Novare Real Estate Africa, “Its modern infrastructure and facilities, mean that Novare Gateway is perfectly situated to meet the needs of the growing Abuja community. According to the latest PWC African Retail report, Abuja is set to experience a growth rate of 171% in terms of its population size up to 2030 – one of the highest figures on the continent.
“With Shoprite as the anchor, there has been strong interest from potential tenants.”
Novare Gateway, will be located on the main 10-lane highway between Abuja’s Nnamdi Azikiwe International Airport, named after Nigeria’s first president, and the central business district.
Novare Gateway will be the first building of stature most visitors will experience when arriving in Abuja from the airport.
Other malls in Abuja forming part of the Novare Real Estate Africa portfolio include the 8 267m2 Novare Apo mall, which is located approximately 18 km away from Novare Gateway to the south-east of Abuja. In the north, the 12 508m2 Novare Central, a mixed use centre consisting of retail space and A-grade offices, is also in progress.
In Lagos, the 22 000m2 Novare Lekki mall, which is expected to commence trading in the middle of 2016, is set to be the largest Mall in Africa’s most populous city.
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