Odu’a Group Limited, an arm of the Western Nigerian Development Company (WNDC) has revealed that Heritage Mall, the group’s its massive mall in the central business district (CBD) of Ibadan, the Oyo State capital, was built at a cost of about NGN2 billion.
The mall occupies 4,750 square metres and has 18,640 square metres of lettable space. Shoprite, the South African retail chain, is the anchor tenant.
Adebayo Jimoh, managing director of Odu’a Group told Business Day the development of the mall was a response to perceived demand by high net-worth individuals in Ibadan who spend time and money travelling to Lagos at weekends to shop and have fun.
“Ibadan has a large expatriate community; these people travel all the way to Lagos from Ibadan with police escort for their weekend shopping. We saw untapped opportunity in this and so, the development of the mall was borne out of perceived need for same,” Jimoh said.
Many businesses are already operating in the mall including Cash n Carry that sells various electronic household appliances, Lifemate that sells home and office furniture works and several others.