Despite impacts of negative headlines and shifts in consumer trends, investors have continued to show interest in the nation’s retail real estate. The latest commitment is coming as a public-private partnership between University of Ibadan (UI) and Primus 1948 Limited, to develop Primus Mall in the ancient city of Ibadan.
The project, a 7,00sqm retail and entertainment space is conceptualised to provide a shopping and entertainment destination for the students and residents living in and around the university community. Vice-Chancellor of the University of Ibadan, Prof. Abel Olayinka, who spoke at the groundbreaking ceremony, said the project was designed to make the premier university less dependent on public funding.
According to Prof. Olayinka, Primus 1948 was created with VGS Homeland Limited to promote the project. He expressed optimism that the mall would be a profitable venture and a prospective source of attraction into the university community. The success of this project also could also as avenue to secure more of such partnership with the cooperate community
An Official of VGS Homeland, Mrs. Bose Sogunle, described the project as another first of many firsts in the history of the University of Ibadan and pledged commitment to ensure the project is completed in record time.
Sogunle announced the appointment of Northcourt Real Estate as the lead marketing and leasing consultants for the project. Chief Executive Officer of Northcourt, Mr. Tayo Odunsi, said the mall would fill the vacuum created by lack of functional recreation centres in Ibadan. Facilities in the proposed mall include four-screen cinemas, large game arcade and lounge.Odunsi, who recalled his experiences growing up in Ibadan, said the mall would be a welcome addition in commercial real estate space in the ancient city.
The project would be delivered in 2022. Consultants for the project include EPCM (project manager/ quantity surveyors), ATO Architects (architects), PIN Consult (structural engineers), Unecon Associates (MEP consultants) and Brickstone Africa (Financial Advisers).