The Lekki Regional Road – Taking Position for Real Estate Gains
The Regional Road - VGC to Freedom Way LEKKI PHASE 1
Earlier in the month, it was announced that the Lagos State Governor Mr. Babajide Sanwo-Olu has flagged off the construction of what was termed “The Regional Road” in the Lekki axis of Lagos state.
The 45m wide road, which is expected to span along a distance of no less than 8.7km starting from the Victoria Garden City Junction on the Lekki – Epe Expressway to Freedom Way in Lekki Phase 1 is due to be completed within an estimated period of 24 months.
The road, first conceived by the Lagos state government in the Lagos Metropolitan Master Plan (1980 – 2000), remained incorporated in the subsequent Lekki Comprehensive Master Plan of 2013. Layout approval for three other major roads – Coastal Road, Lagoon Highway and the well-known Lekki-Epe Expressway – was also granted at that time.
The project was inaugurated in 2017 by the former governor of the state, but various setbacks did not allow this to happen. This time it looks very much like a reality
Without a doubt, the most obvious beneficiaries of the regional road project will be commuters who ply that axis on a daily basis. However, this of course cannot be the only positive to be taken away from the project.
VGC INTERCHANGE
PROPERTIES TO BE RECLAIMED BY GOVERNMENT
Owners of property on the roads Right of Way (ROW) are bound to lose their investments, with the Lagos State Government having announced the revocation of right to parts of the Elegushi Royal Family’s Layout that fall within the road’s alignment, some parts of Cowrie Creek Estate will also be affected.
NEIGHBOURHOODS TO EXPERIENCE INCREASED VALUE
On the flip side though, positive impacts of the road are beginning to manifest even as the project is still in its early stages. Properties on the Ajah and Elegushi axis with New city projects on the Lekki Central Zone as well as those around the Lagoon District are set to experience a boom in value as a result of the ongoing road construction. Specifically, Ostia Island, Gracefield Island and Orange Island are just a few of the neighborhoods that are already garnering attention.
The inevitable upsurge in the value of properties lying along the corridor of the road as well as within its neighborhood will definitely be huge. One only has to be reminded that developments within these neighborhoods will be only a couple of minutes’ drive away from Ikoyi and Lekki to further appreciate how much of an appeal they will have.
CONNECTION TO FREEDOM WAY
Apparently, like the Lekki – Epe Expressway before it, with the completion of the regional road, new towns and developments will be opened up. This will mostly be comprised of residential and commercial properties. The road in the long run, will further accelerate the growth and development of areas within its proximity.
TAKE THE OPPORTUNITY
This is the time for the savvy investor to invest in properties strategically located along the path of the road. Check it out…..Remember, number one rule in real estate is Location!
