₦airaland Forum

RedPanthar:
Insane rental costs. Totally insane rental charges. Empty buildings everywhere


Marina doesn't have decent power supply. It has never had since 30 years, Marina never enjoys good power supply

Most of those buildings are death traps now. The structures are old and empty. You know what happens to buildings when they're empty? They age more quickly. Ordinary kick can down some of the walls. And Yes! Electricity has been a major problem. Lifts never work and the stairways are dirty and dark even in broad daylight. Some traders use some of the buildings as warehouse. That's how lowly things have gotten.

For your info, it didn't just start. My aunt used to work as a stockbroker in one of the towers on Martin's Street. That was back in my University days, many years ago now. I do visit her for extra pocket money anytime I'm going back to school. The building wasn't in the best of conditions even back then.

princemillla:
Remove those unnecessary market on the Lagos island and see business and sanity return to that axis.

There r too many issues to tackle belive me.

All in all, sanity has left marina.

Unnecessary market?Typing with the anus as usual.

owbabs:
Diaspora Nigerians have succeeded in subduing simple mindsets

Itz only wen they hav the opportunity to travel out..

Hence, the idea of thinking dat Nigeria is fine, Nigeria is sweet would turn to" I DEY SHAME FOR DIS KONTRY"

Itz really pathetic!

Aconomist:
Marina district used to be the heart of Lagos, and still hosts the city's most iconic towers. However, there is a stunning lack of investment in Marina compared to other areas such as Lekki, Ikeja, and Eko Atlantic. In fact, many of the iconic buildings are laying abandoned with no attempt at renovation or rehabilitation.

Marina is strategically located in between near the mainland and near many of the banking headquarters, so why is this distinct being so heavily neglected by property developers who haven't build any skyscraper here since the late 80s?

This thread is very, very important. It is important in the sense that it is a physical representation of how rich but dilapidated our dear country is.
Everything we need is right in our hands but up two threads of your thread, one brother is saying he'd rather die in Dubai than continue living in Nigeria.
Those Marina buildings stopped functioning when Nigeria itself stopped functioning. We're like zombies in New York walking aimlessly, unproductively after the apocalypse. Everything is there but they're not useful to us because in those buildings, it's about hard work not easy oil or govt money.
Economics tells us about factors of production ; Labour, Land, Capital, Entrepreneurs... - we have them all in multiple folds that we even gift to other countries. What Economics forgot is that to control these factors, you need A LEADER. We have none. No leader in the public sector, no leader in private sector.

You can't have one of the biggest market in Nigeria in a tiny geopolitical zone couple with slum houses around and expect huge development i.e sky scrapper in same tiny area,.

1 is people are not selling properties, they are holding on to it like a gold mine.
2 Lagos island is over crowded and so noisy so it's never conducive environment for companies except Banks.
3 we all gats understand the fact that slums beget violence, robbery, thuggery, cultists, one can't walk around that area at night without getting robbed.
So I think we should all forget the idea of anymore developments coming to Lagos island, the market is hugely and fastly growing, residential population growing, investors will have to look elsewhere

placeofallure:
Most of those buildings are death traps now. The structures are old and empty. You know what happens to buildings when they're empty? They age more quickly. Ordinary kick can down some of the walls. And Yes! Electricity has been a major problem. Lifts never work and the stairways are dirty and dark even in broad daylight. Some traders use some of the buildings as warehouse. That's how lowly things have gotten.

For your info, it didn't just start. My aunt used to work as a stockbroker in one of the towers on Martin's Street. That was back in my University days, many years ago now. I do visit her for extra pocket money anytime I'm going back to school. The building wasn't in the best of conditions even back then.

Spot on

Interesting thread

TheWrita:
Unnecessary market?Typing with the anus as usual.

U are such an ignorance and am sure u are one of the fellow benefiting of selling market on the road (out of shop).

Most of the gridlock experienced in that axis is due to out of shop traders , it simply means the numbers of people who are available to do business in that axis have overrun the location hence, it’s better to provide a larger place with a good structure.

2ndly, most of the companies runs generator , cuz Phcn sometimes find it difficult to meter/charge houses in that area. And to tel u the truth almost 60% of shops there are running on illegal.


Oya Mr Anus prove me wrong !

inter

RedPanthar:
Insane rental costs. Totally insane rental charges. Empty buildings everywhere


Marina doesn't have decent power supply. It has never had since 30 years, Marina never enjoys good power supply

Even despite hosting the Headquarters of Eko Electricity Distribution Company?

agabusta:
Even despite hosting the Headquarters of Eko Electricity Distribution Company?

Lol

Reference:
It is caused by the steady decline of the Nigerian economic outlook over time.

When economies shrink people usually find ways to downsize and cut costs, closing businesses and moving away to cheaper digs. If we had successive solid rebounds after economic recessions then new businesses requiring new property will always spur a renewal.

Unfortunately this is not the case in Nigeria. We never seem to rebound to previous levels of wealth after national economic woes so it has been one lomg tale of dis-investment. It is the economy and the Marina/Broad street has been the poster boy for 'Economy Nigeria' just as Manhattan is in New York or Canary Wharf in London.

What you see of Marina is the real state of Nigeria. Its best days are behind. Its peak was in the 70's and late 80"s. Everything since then has been artificial, escapist, smoke and mirrors.

I absolutely love this insight. I said something similar when I related Nigerians and the Marina dilemma to that of zombies roaming New York city aimlessly after the apocalypse. Everything is there for the use but they want something else; blood (oil)

Vlain:
Also check Eko village towers that comprises of 8 clustered towers. I heard construction is to start next year. Same thing with corporate tower 1.
I read article that said most of this project is being delayed by covid-19. Cost of shipping down material, inflation and all that.

Wait you mean eko village and corporate tower is starting construction next year??

Like for real??

I have bee waiting for that all my life

Vlain:
Also check Eko village towers that comprises of 8 clustered towers. I heard construction is to start next year. Same thing with corporate tower 1.
I read article that said most of this project is being delayed by covid-19. Cost of shipping down material, inflation and all that.

How true is this?? You mean corporate tower and Eko village is starting construction next year?

Like for real?? I have been waiting for that like forever!!

When did Sijumoto start?

olujastro:
Better say what you know.
I know one of the biggest developers in Lekki, he's a Nigerian. Sijumoto, one of the most popular developers in Banana Island is a Nigerian too. So I don't know where you come up with your info from, simply because Chagoury is the one handling Eko Atlantic.

$1bn is total cost for the seven structures.

okeyglm:
CNN is also a liar abi

Aconomist:
Don't make me weep today. Our country is a joke. It's like we can't do anything right no matter how much money we throw at it. And if you talk to most Nigerians, they will say Abuja, Lekki, and Ikoyi are second to heaven. Those areas are just slums.

Please don't say it loud or they'll soon ask you to go develop your state or whatever village it is you come from. When we are supposed to be having educated and insightful discussions people will simoly turn it into some ethnic nonsense. I am positively surprised that this thread is doing relatively well.

Faithful007:
though they don't show development, they are good indicators of development. This is because they usually house big blue chip companies and financial institutions that power the economy and drop huge taxes.

Berlin, Rome, Dublin, and Stockholm etc have few to zero skyscrapers yet there far more developed than cities littered with skyscrapers will ever be you delusional mofos need to knock it the Bleep off.

AskiaHarem:
Berlin, Rome, Dublin, and Stockholm etc have few to zero skyscrapers yet there far more developed than cities littered with skyscrapers will ever be you delusional mofos need to knock it the Bleep off.

Stop spreading nonsense. European countries put their high density buildings in certain areas away from the historic city centers. Germany has frankfurt, Italy has Milan, Paris has La Defense, etc. Building density is a key indicator of economic activity in an area.

Aconomist:
Yea, I've been eagerly awaiting when Dangote builds his headquarters (he has the cash to build something truly spectacular). Total ENP is also planning a building called "La Definition" in Eko Atlantic to house its employees. Facebook is planning its HQ in Ikoyi I think, but it hasn't been announced yet. Folorunsho's Famfa oil is also building in Ikoyi.

Some of the indigenous oil companies such as Amni Oil have decided to go to Eko Atlantic instead of Marina. Here is the prototype of their tower. It is right next to Alpha 1. Construction expected to start in 2021.

Dangote is already building a structure in Ikoyi, close to that marriage registry.

onegig:
1. It is simple security or lives and businesses.

I dare anyone of you to walk around Marina past 7pm. I can't even drive on Broad street in the evening for fear of been attacked. A colleague's car windows was smashed with stones on that street and there are numerous tales of robbery on the Apongbon axis during rush hour traffic or early mornings. Regular gang fights happen on a steady basis.

It's proximity to Isale Eko and the littany of touts, thugs, shanties, slums and rowdy markets around the area makes it very hard to justify investment by blue chip companies. If UBA, First Bank or even Sterling would have their ways they would gladly relocate to VI or Ikoyi in an instant.

I walk and drive around VI at 12am or 1am . I dare not do that in Marina.

Investment thrives in areas of relative peace.

2. Accessibility of the roads.

Road networks are literally blocked around with all manner of wears by petty traders and rickety buses.

Try getting round Marina and come tell your story. Parking in Marina is one of the hardest things you can attempt. From touts extorting you in unauthorized parking spots to inefficient and unavailable car parks.


I wouldn't want to setup a meeting and select Marina ever for a client. So why would you as a developer want to build new structures there?

This is the main reason! I am surprised it took so long to come across such a comment.

Aconomist:
I agree. We are failing on so many fronts. If not for the Lebanese in Lagos, the city would be a village. Lekki, Banana Island, Eko Atlantic where all developed by Lebanese investors -- specifically Chagoury Group while we just sit and bicker amongst ourselves.

Who told you Lekki and Banana Island was developed by the Lebanese? What part of Lekki are you even referring to??

Lebanese people didn't develop Lekki, o! If you are even talking about the Lekki Free Trade Zone which is just one area in Lekki peninsula spanning 155km, it wasn't developed by any Lebanese!!

Traders and artisans have hijacked Marina from corporate businesses. The exclusivity and appeal that once attached to office real estate on Marina has evaporated.

Aconomist:
Don't make me weep today. Our country is a joke. It's like we can't do anything right no matter how much money we throw at it. And if you talk to most Nigerians, they will say Abuja, Lekki, and Ikoyi are second to heaven. Those areas are just slums.

Please what do you mean by Abuja and Ikoyi are slums? Do Parkview Estate, Bourdillon, Banana Island, Alexander Avenue etc in Ikoyi qualify to be called slums?

Do Maitama, Asokoro, Wuse, Gwarinpa etc in Abuja look like slums?

Abí, you don't know the meaning of the word slum??

CeterisXVII:
Please what do you mean by Abuja and Ikoyi are slums? Do Parkview Estate, Bourdillon, Banana Island, Alexander Avenue etc in Ikoyi qualify to be called slums?

Do Maitama, Asokoro, Wuse, Gwarinpa etc in Abuja look like slums?

Abí, you don't know the meaning of the word slum??

Most of those areas don't even have an effective sewage or drainage system.

onegig:
1. It is simple security of lives and businesses.

I dare anyone of you to walk around Marina past 7pm. I can't even drive on Broad street in the evening for fear of been attacked. A colleague's car windows was smashed with stones on that street and there are numerous tales of robbery on the Apongbon axis during rush hour traffic or early mornings. Regular gang fights happen on a steady basis.

It's proximity to Isale Eko and the littany of touts, thugs, shanties, slums and rowdy markets around the area makes it very hard to justify investment by blue chip companies. If UBA, First Bank or even Sterling would have their ways they would gladly relocate to VI or Ikoyi in an instant.

I walk and drive around VI at 12am or 1am . I dare not do that in Marina.

Investment thrives in areas of relative peace.

2. Accessibility of the roads.

Road networks are literally blocked around with all manner of wears by petty traders and rickety buses.

Try getting round Marina and come tell your story. Parking in Marina is one of the hardest things you can attempt. From touts extorting you in unauthorized parking spots to inefficient and unavailable car parks.


I wouldn't want to setup a meeting and select Marina ever for a client. So why would you as a developer want to build new structures there?

UBA just completed an edifice on Ajose Adeogun, who knows, some of their big wigs may decide to go there to escape the madness on the Marina.

Aconomist:
Most of those areas don't even have an effective sewage or drainage system.

Is that what you think, or what you know? You have obviously not lived in Maitama in Abuja or Banana Island, before. You wouldn't have made this statement, if you had.

To the glory of God and the benefit of mankind, that light rail has been completed this year, and had its first passengers travel on it this week

Aconomist:

https://www.youtube.com/watch?v=FVvVG_hm4XI

If you go to 3:27, it will move you to tears. Nigeria hasn't changed in over 40 years. Same president. And Marina looks exactly the same as when my dad was my age! In fact, they were even planning to build a light rail in the late 80s and it is still not complete.