513B, Kodesho Street, Ikeja, Lagos

Car park facility and 10 (No) lock-up shops.

Rent
₦4,500,000.00
Per Annum
Remarks
The site is presently available for sale. It is fully occupied.

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Real Estate Agency

Essentially, this involves ensuring that accommodation unit(s) or properties are let to desirable and reputable tenant(s) for reasonable rent and best lease terms and conditions through the application of suitable marketing strategies embracing effective advertisement media. The following processes are always ensured;

 

  • Introduction of the property to prospective tenants through display of To – Let boards on the property, inter – firm placement of properties and advertisement in the newspapers when necessary in order to cover wider markets;
  • Careful selection of good and reliable tenant(s);
  • Negotiation of rentals on Open Market Basis;
  • Collection of rentals and remittances of same to the principal;
  • Taking inventory before occupation and preparation and execution of lease agreement before possession;
  • Formal handing over of keys to tenants after meeting all conditions.

At Olanrewaju Oladele & Company, we have competent hands that ensure, through thorough negotiations, that client properties are sold within the given time frame and also to the best advantages of the sellers.

We also help prospective home/property buyers to source for good and unencumbered properties that suit their social status and wants.

We achieve the above objectives by ensuring that;

  • Properties are well exposed to the market for distinct buyers and sellers to see,
  • Necessary information are sought after to enable us conclude within the desired and reasonable time frame,
  • Excellent negotiation ability,
  • Proper identification of legal issues that may affect properties and

Introduction of other Value Added Services that will make us achieve our desired objectives in good time.

Property Management

In achieving the investment goal(s) in Real Estate market, the under-listed management functions are very essential. These are in addition to relieving you of the burden of dealing with tenants, which may sometimes affect/interfere with the smooth running of your personal duties.

  • Rent collections and rendering of same to the landlord along with outgoings on annual basis;
  • Ensuring the perfection of lease from drafting through execution to registration of documents;
  • Renewal and review of lease and rents as at when due;
  • Arranging a reliable enhancement, security and maintenance scheme for the building and its appurtenances;
  • Equitable sharing of and ensuring that tenement rate with other rates are paid regularly following the agreement on payment;
  • Eliminating or reducing loss of income from property which may result from void. This is done by re – letting of vacant spaces;
  • Ensuring that landlords fixtures and fittings are well maintained and are in good state of repairs;
  • As landlords’ agent, we ensure that both express and implied responsibilities of the landlord are met at all time. This is in addition to meeting his/her statutory obligations e.g, maintenance of external parts, payment of ground rent etc;
  • Advising and ensuring that the landlord at all times provide insurance cover for the property against earthquake, windstorm, fire, flood, lightning and other unforeseen contingencies;

Finally, we hold a responsibility to both the landlord and tenant to manage provisions of the lease agreement and arbitrate on conflicts between the parties.

Property/Assets Valuation

This is the act of estimating, at a particular time, for a specific purpose and with one giving an instruction, the monetary worth of properties or assets taking into consideration physical and legal features with a range of alternative investments. This refers to the estimation of the market worth of an assets or property at a particular time, by professional valuers in the property market, employing universally acceptable principles that suit the goals of the client. Resulting from upsurge in property values, professional valuation of all assets and the periodic up – dating of values have become the general practice amongst the organised private sectors, top companies and standard financial institutions, government parastatals and ministries. Land and buildings, plant and machinery, furnitures, fittings, fixtures, office equipments, motor vehicles and other floating assets including goodwill would jointly or severally require periodic valuation for  any or some of the following purposes;

Compulsory Acquisition

When Government acquire private properties/assets for overriding mature interests or for public use, we come in to ascertain the values of such acquired properties based on the stipulation of the Land Use Act Decree No. 6 of 1978 and Urban and Regional Planning Decree of 1992. This will help the government to know the amount of compensation(s) due to individuals concerned.

External Financing – Mortgages

When a loan is contemplated or is in the process of being granted, the lending institution will ask for collateral for the loan being sought. This is where we come in to determine the value of the borrower’s collateral to enable the borrower take advantage of the full value of the asset.

Insurance

Prior to the consummation of an insurance contract, a figure has to be put forward as a sum insured and this will form the basis of calculation of the premium to be paid and the limit of claims.    In the event of a total or partial destruction the following situation will arise:
  1. Total Destruction.
  2. If the sum insured is higher than the replacement cost or indemnity value, the extent of claim will be limited to the actual sum needed to replace the property or indemnity value.  If the sum is lower, the claim will only be limited to this lower figure.  
  3. Partial Destruction.
  4. The claim will be limited to the part destroyed but if, the sum insured is lower than the full value, the mitigating average clause will apply which means that the claim will be reduced in the proportion of the sum insured to the average reinstatement or indemnity value. From the foregoing, it is therefore, a matter of absolute necessity to ensure that the figure represents the limit of the liability.  If the figure is over assessed, it will only amount to paying premium for an unbeneficial part of the sum insured and if under-assessed it is worse, as it will result in a compensation claim less than what will be required to bring the insured back to the position he was before the accident.

Balance Sheet / Annual Accounts

More often than not, most organizations do not know the exact worth of their assets.  All they rely on is “historic” cost of acquisition of the assets depreciated along the line over the years in spite of the fact that in the mind of the Board of Directors, and Management they are fully aware that the value is substantially higher or lower than what it is on their books. If the professional valuation of the asset is made, it will put the Board in the right perspective and allow them to take note of the assets that have appreciated and also determine those properties that are depreciating and consequently take steps to underpin such values so that those that are wasting may be disposed or profitably dealt with.

Mergers, Acquisitions and Preparation of Companies Prospectus.

It may become necessary for two Companies to merge to expand their production base or integrate vertically to achieve higher returns. To ascertain the contribution of each company, a professional valuation of the assets of the Companies will be necessary. In addition to this, when a Company is offering shares for sale or raising debenture stocks the valuation of the assets may be necessary to assist in pricing the stocks and shares.

Property Rating.

Property rate is an annual levy against real estate developments, and it is usually paid to the Local Government Authorities.  As a firm of estate surveyors and valuers, we can assist the State and Local Governments prepare a comprehensive property rating list comprising all the ratable properties. This will enable the collection of these rates and invariably increase the revenue base of the authorities

Facility & Service Management

Depending on the type and use of properties, other management services that would/may be required, and for which all the tenants are expected to contribute towards the cost of providing them on the basis of scope of accommodation occupied under the service charge arrangement include;

  • Electricity used in the building for common services such as water pumping machine;
  • The maintenance of plant and equipment that may be provided for common use;
  • The provision of night guards;
  • The cleaning, lightning, decorations and maintenance of all common parts such as staircase, fence, gate house and surrounding etc;
  • Management expenses.

Project Management

Project Management is the overall planning, control and co-ordination of a project from conception to completion aimed at meeting a client’s requirements and ensuring completion on time, within cost budget and to the required quality standard.

Our team aims to deliver to our clients a project that fully satisfies their needs regarding quality, performance, timing and cost in use.

We motivate and co-ordinate all participants to achieve project completion on programme and within budget.

The growing practice in the construction industry today is to appoint the Estate Surveyor and Valuer as Project Manager leaving the other consultants to concentrate more on their professional functions.

In the Firm’s capacity as Project Manager, we become the leader of the development team and co-ordinate the functions and activities of all other members of the team as well as the main contractors.  Some of the functions of the Firm as Project Manager will include but are not limited to:

Site assembly, project feasibility and viability appraisal, programming, supervision, design appraisal, authorizing design changes, monitoring progress and cost, letting and management of the completed development.

Since the Firm also performs the role of property manager, (i.e. after the completion of the development when other members of the development team have left the scene), we have that unique experience obtained from managing properties to detect design features likely to cause management and maintenance problems in future and consequently are in a position to advise against these at the design stage if appointed as Project Manager.

Property Development/Surveying

We provide specialized advice on how to provide affordable housing, maintenance and repair of properties for industrial, commercial and residential users.

We also provide supervision and advice on new construction work and on the conversion, improvement, maintenance and repair of existing buildings as well as dealing with dilapidations, wall problems and arbitration in dispute on building matters.

In carrying out affordable housing for the citizens, a research would be conducted in order to; know a cheaper effective means of developing housing within the state.

The ability to create a good partnership with an interested mortgage institution in order to have access to long term loans for the project in view.

Population census, this would enable the government to know the number of middle class and high class citizens of the state in order to know the types of accommodation that would suit there social status.

Housing census would also be very important to the project in view. This would enable the government knows the accurate number of properties and its distribution within the people of the state.

The State Town Planning regulations have to be reviewed to enable the state parades well planned structures within its territory.

It is believed that if government creates the enabling environment as partly outlined, the private sector will certainly take up the challenge to lend to affordable housing which is such a very important index of national economic development that both government and the private sector lenders must work in synergy to successfully deliver on housing to the citizenry.

Feasibility & Viability Studies

This is usually part of the Estate Surveyors and Valuers function as project manager but requires further explanation here.   It is prudent that before embarking on a property development project, an Estate Surveyor and Valuer should be commissioned to carry out a pre-investment study.

Such a study will determine what is appropriate for a particular site as distinct from determining whether the proposed line of investment is viable.  With the Firm’s knowledge of the property market, we are in a position to give advice as to what development the market would accept for a particular site.

Having determined what is appropriate for a site, the Firm will prepare a proper feasibility and viability study after obtaining the inputs of other professionals to determine whether the scheme, as designed, is viable or not.

It is not unusual for such a scheme not to be undertaken or modified thereby saving the investor potential losses.

Other services provided by our firm include; Real estate brokerage which include procuring of Certificate of Occupancy, Governor’s Consent and General Real Estate consultancy services.