Stadium shopping complex remodelling to gulp N150m


By Mike Adeyemi

The long abandoned Kwara State Stadium shopping complex, Ilorin is to get a new look as it’s remodelling will gulp over N150 million, Pilot Business has learnt.
The Chairman of the renovation committee, Mr. Martin Olayemi, made the disclosure on Friday, during a chat with our reporter in his office.
According to him, the comprehensive facelift will be carried out by Harmony Holdings Limited (HHL).
He explained that Shoprite had initially shown interest to utilise a section of the shopping complex as its business annex, with HHL entering an agreement with the company.
“In fact, that is what took us this while. For over two years now, we have waited patiently to hear from Shoprite as a result of their initial interest in the complex, but nothing concrete was heard. On that note, Harmony holdings has started the reconstruction of the shopping complex in full gear.”
He said the effort is to complement the state government’s efforts towards enhancing economy of the state, as Kwara is fast becoming a commercial hub and gateway to many states in the country.
Olayemi said when the project is completed it would no doubt impact on the economic activities of Ilorin metropolis as shops and annex at the shopping complex is over 100 spaces, adding that more jobs would be created and more revenue in form of taxes will accrue to the state government.
“Prior to the takeover of Harmony Holdings Limited of the shopping complex, it was poorly managed as occupants then failed to remit rents to state coffers as they saw it as their own share of national cake,” Olayemi said.
On how Harmony Holdings will source fund for the project, Olayemi said, “What we are looking at is a ‘Contractor financing’ in which whoever handles the project will provide the needed fund, but at each stages of the project, Harmony Holdings will be paid concurrently, as the shopping complex will undergo 5 phases”.
He said lease for a single shop after completion in July this year will cost 450,000 per annum as prospective buyers will pay 30% affront and the rest in three equal instalments.
The project, according to Olayemi, is contracted to an indigenous contractor Asfat Investment & property Nig Ltd, as the shopping complex will have all the required facilities to meet International standard.

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