Multi-level Car Park Development is of key importance in Lagos. Lagos is experiencing increased levels of traffic and congestion due to wider car ownership and usage. In line with the Mega City objectives, described in the CBD Infrastructure masterplan published in 2004 and in subsequent studies
Multi-level Car Park Development: Project description
The objective of this study was to prepare an highest and best use feasibility analysis for the identified properties to determine their viability and optimal use. AG Leventis Nigeria Plc desired that their property at Marina be analyzed for optimal returns.
The concept evolved following a market survey that revealed that the demand for a multi-level car park in Lagos Island/ Marina has been growing geometrically.
Our Value Add
Brickstone identified potential land uses for the subject property based on legally allowable uses, physically possible uses, market conditions, and our judgment regarding the property’s competitive position. We evaluated market conditions for each identified potential use, including such indicators as rent rates, vacancy, and absorption. Based on the market research, we reached conclusions about uses that have the best market potential — i.e., uses for which the supply/demand outlook favors development, and with the best chances for absorption.