Revelation Paints Limited has commenced construction of a well laid out shopping complex within the electrical/building materials city that that will contain 1,720 lock-up shops on completion.
Situated along Kilometre 17, Aba /Port-Harcourt express road, Irebe Commercial neighbourhood in Port Harcourt, Rivers State, the massive project which is very unique in the countr’s commercial real estate investment industry known as: Revelation Electrical/Building Materials City, apart from the 1,720 lock-up shops, will also contain warehouses, restaurants and complimentary offices that will support the business community.
Our corespondent gathered that the developer has already developed about 600 shops, and members of the Electrical Dealers Market Association in Okija, Port Harcourt, have bought into the project. They are expected to take over 70/80 per cent of all the lock-up shops because they are relocating to the new site from their present Okija location in Port Harcourt.
Presently, rent ranges from N500,000 to N600,000 per annum but it is expected that by the time all the traders move there, the rent would go up.
Speaking on the new shopping complex, the Managing Partner, MI Okoro & Associates, Dr. Chief Meckson Innocent Okoro, whose firm is the sole marketer of the Shopping Complex, implored members of the public to buy into the project which he described as ‘a unique investment opportunity because the capital outlay required for this class of real estate investment is quite small and Polaris Bank Ltd is on ground to support buyers with Mortgage facility funding’.
According to him, ‘Members of the public are being encouraged to invest in this shopping complex now because once the businessmen from Okija move to the new location, then competition for space will become more competitive because lock-up shops will become very limited in supply and there will be a constant rising demand for them, and then the price will continue to rise. Whoever invests in it now will know that he or she is investing in a viable real estate investment.’
While revealing that, by undertaking the construction of the shopping complex, Revelation Paints Limited was trying to do something unique which will become a model for others, Okoro explained that the promotional price for the shops which would last till April is on and that it is N4.5 million for ground floor while 1st floor is 4 million and you buy a form and non-refundable fee of N20,000. Polaris Bank is willing to give 80 per cent mortgage as soon as the buyer pays initial equity of 20% of the cost, provided the buyer is bankable.
The real estate mogul further disclosed that the new Electrical and Building Materials City will be commissioned within the first week in April, 2023, for business activities to commence.
Arrangement is in top gear to organise an investment golf tournament in the golf section of Port Harcourt Club 1928, on the 18th March, with a view to attracting possible investors.
Also, the General Overseer of OPM, Apostle Chibuzor Gift Chinyere, will be featuring a one-day crusade at the new city to usher in the Electrical Material Dealers Association to its new site.