While every real estate pundit in Lagos will unanimously agree that Banana Island is today the most expensive real estate location on the Island, there may be a bit of disagreements on the location that commands the highest property price tags on the Mainland and the reason is not farfetched. The most expensive estate on Lagos Mainland going by current listings and offers is not most often talked about. It is not always in the news like the Magodo GRAs, Ogudu GRAs and Omole Estates of this world.
The estate is named after a respected Ijebu indigene, astute business man and renowned political stalwart of the defunct Action Group, Chief Samuel Olatubosun Shonibare who was one of the major players in Western Nigeria during the transition from British rule to self-rule. As Chairman, Shonny Investments and Properties Limited, he built the famous Shonibare Estate in Lagos –widely acclaimed to be the first mixed race settlement in Nigeria. Although he died in 1964 at the age of 44, Chief Shonibare achieved so much and is today recognized as a colossus of his time. It is simple, the estate he built or conceptualized is today the most expensive real estate location on Lagos Mainland; many will even argue that it is the most livable estate in the whole of Lagos.
Shonibare Estate in Maryland with its tree-line streets and quiet ambience, quite rightly deserves its tag of ‘Ikoyi’ of the Mainland. If possible, it is even possible to argue that it is more ‘Ikoyi’ than Ikoyi itself as the real estate location has now being defaced by all sorts of commercial activities and high rise buildings.Shonibare Estate, however, has maintained its residential characteristics and though it is close to the commercial hot spots of Ikeja and Maryland, has remained a first class place to live. Shonibare Estate is located along Mobolaji Bank-Anthony Way a few minutes’ drive away from Sheraton Hotel. It is a choice real estate location for top business executives who do not want to stay from the Muritala Mohammed International Airport. Most expatriates working in Lagos also live in the gated estate because it enjoys a measure of security, good roads and drainage system. So what does it cost to rent accommodation or buy a property in Shonibare Estate?
In this estate you can find detached houses, duplexes, terrace houses with various facilities such as swimming pool, gym etc. Serviced apartments are also available in Shonibare Estate. With N4million-N5million you will be able to get a 3 bedroom flat with 1 boy’s quarter. But if you need houses with swimming pool, gym and other facilities you should have between N6million-N7million. If you were to go for a higher grade of apartments what is usually referred to as serviced super executive 4 bedroom terrace house in the real estate world, then a prospective tenant should be ready to cough out N8million-N10million. A 5 bedroom fully detached house with a boys quarters in Shonibare Estate current rents for between N12million-N15million per annum.
For prospective Shonibare Estate landlords, a review of property prices in the estate show that a 4bedroom duplex sells for an average of between N170million-N200million and a 5 bedroom detached house sells for between N250million-N300million. A 3bedroom apartment in the estate sells for an average of between N120million-N150million. It must however be noted that the prices quoted here are for properties with basic finishing as those with super luxury kind of finishing could command higher prices.