Alaka Estate, Alaka, Surulere, Lagos
₦380,000,000
| Property Ref: 3201224 | Added On: 13 Nov 2025 | Last Updated: 13 Nov 2025 |
| Market Status: Available | Type: House | Bedrooms: 16 |
| Bathrooms: 16 | Toilets: 16 | Total Area: 637 sqm |
PROPERTY LISTING: DISTRESS SALE --- 7BEDROOM DETACHED BUILDING (CONVERTED TO 16ROOM HOTEL) --- ALAKA ESTATE, SURULERELocation: Alaka Estate, Surulere, LagosLand Size: 637 sqmTitle: Governor's Consent (Local Authority documentation)Asking Price: 380,000,000 (Three Hundred and Eighty Million Naira)
OVERVIEWUrgent sale of a substantial detached property on a generous 637 sqm plot within the established Alaka Estate enclave of Surulere. Originally a 7bedroom residence with a boys' quarter, the building has been converted into a 16room hotel and presents multiple options for an investor, operator or developer prepared to refurbish and reposition the asset.
PROPERTY CONDITION & FEATURES
- Existing layout: Converted 16 guest rooms (previously structured as a 7bedroom detached house plus BQ)
- Land size: 637 sqm --- provides outdoor circulation, parking and potential for extension or ancillary facilities
- Built form: Solid structural shell (age/condition to be confirmed by inspection)
- Services: Basic services in place (water/electricity) --- full operational recommissioning likely required for hotel use
- Possession: Available subject to negotiation
LOCATION ADVANTAGES
- Alaka Estate, Surulere: wellestablished residential and commercial neighbourhood with strong domestic demand and proximity to Lagos mainland hubs
- Good access to major transport routes, commercial centres and local amenities --- attractive catchment for shortstay guests, business travellers and local events
- Proximity to corporate offices, recreational facilities and entertainment nodes in Surulere/Ikeja corridors
POTENTIAL USE CASES & VALUECREATION STRATEGIES
- Rehabilitate and recommission as a boutique hotel / guest house (rebrand and target corporate and leisure guests)
- Revert to a spacious family residence or convert into serviced apartments/shortstay units for higher yields
- Redevelop or extend (subject to planning/LA approvals) to increase room count or add commercial groundfloor uses (F&B, retail, office)
- Longterm hold as a landbank given Surulere's steady demand and limited large parcel availability
INVESTMENT CONSIDERATIONS & RISKS
- Sale classified as "distress" --- priced to reflect need for refurbishment and repositioning; buyers should allow a renovation budget.
- Recommended prepurchase checks: structural survey, MEP audit, fire & life safety compliance, verification of conversion legality, and confirmation of service connection capacities.
- Title: Governor's Consent --- purchasers should confirm perfection pathway (assignment/registry requirements) with a legal adviser.
PRICE & TERMS
- Asking Price: 380,000,000 --- motivated sale to qualified buyers.
- Preferred buyers: investors, hotel operators, developers and highnetworth individuals prepared for refurbishment or repositioning.
- Proof of funds required for viewing and document release.
DUE DILIGENCE & VIEWING PROTOCOL
- Documents: Governor's Consent and supporting paperwork available for verification under NDA.
- Site inspection: Strictly by appointment for prequalified buyers; accompanied viewings only.
- Recommended immediate actions for buyers: title verification, site structural assessment, planning constraints review and costed refurbishment estimate.
CONTACTFor confidential enquiries, to request the information pack, or to schedule a vetted inspection, contact:[Agent / Owner Name]Phone: [Insert phone number] Email: [Insert email]
This is a timesensitive acquisition presenting multiple repositioning pathways --- suitable for buyers who can execute refurbishment or redevelopment to unlock immediate and longerterm value.
