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A leading retail and real estate developer, Purple Group, has unveiled a mixed-use facility, PurpleLekki, valued at N80bn.
The project follows the success of Purple Maryland (formerly Maryland Mall) and other ventures in the company’s expanding portfolio.
Located on Freedom Way, Lekki Phase 1, the expansive facility spans 10,000 square meters of land, stretching up to 24,000 to the rear with a total buildable area of 38,000 square meters. The multi-purpose development comprises a mix of retail stores, co-working spaces, entertainment hubs, and residential units.
The Chief Executive Officer and Co-Founder of Purple Group, Laide Agboola, described PurpleLekki as Nigeria’s first integrated development that seamlessly combines retail, office spaces, entertainment, and residential apartments.
He said, “The development houses 50 retail stores and office spaces, all of which are fully occupied. The facility is designed to provide convenience to residents, offering essential services such as supermarkets, pharmacies, cinemas, gyms, and wellness centres within the building. It features 260 studio apartments, including one-, two-, three-, and four-bedroom units.
“A dedicated fitness centre and gym, entertainment spaces, including a cinema and skating area, co-working and private office spaces, and short- and long-term stay apartments for business travellers and tourists.”
Agboola reiterated that PurpleLekki was a neighbourhood hub, not just a commercial destination, ensuring that residents and visitors can live, work, and play in one space.
On the economic and environmental impact, the CEO revealed that the development has already made a significant impact on job creation and local commerce.
He explained, “Over 100 employees work within Market Square alone, while other retail tenants have hired dozens more. Additionally, Purple has invested in infrastructure improvements around the development, including drainage systems and beautification projects. The project has also earned EDGE certification from the International Finance Corporation for its sustainability efforts, making it the first retail-infused mixed-use building in Nigeria to achieve this recognition,” Agboola stated.
On infrastructure, PurpleLekki, he said, boasts five levels of parking, accommodating over 500 vehicles.
“The facility runs on a three-pronged power supply system, combining grid power, diesel generators, and gas energy solutions to ensure reliability. With a valuation exceeding N80bn excluding third-party interest, Purple intends to leverage its equity to drive further urban regeneration and infrastructure projects across Lagos in the coming years. PurpleLekki is described as Nigeria’s first integrated development that seamlessly combines retail, office spaces, entertainment, and residential apartments.
“Excluding third-party interest, when we look at interest that belongs to the Purple itself, we’re looking at about N55bn. What we’ve done on our own side of things is to ensure that all our short-term obligations are completely eradicated over the short term and ensure that we’re down, which means we’ve already been down to about 10 per cent debt to gross assets. We can take that back up to about 20 per cent in terms of debt to gross assets. However, with that amount of equity in our hands, I think the most important thing for us is the impact we want to make with that equity, to go into the foreseeable future over the next five years. For me, the only play is infrastructure. And how we can get into that on a sustainable basis that ensures that the impact we make on the activities of the public is fully felt within the city of Lagos.
“PurpleLekki is designed to formalise retail trade, offering a structured and data-driven approach to commerce in Lagos. The company collaborates with established domestic and international brands, ensuring sustainable operations and long-term tenant partnerships. With the completion of construction in late 2024, businesses within the facility are now operational, positioning PurpleLekki as a game-changer in Nigeria’s real estate and retail landscape. Our goal is to create convenience-driven, high-impact developments that merge lifestyle, commerce, and sustainability,” Agboola stated.
According to the Chairman of Purple Real Estate Group, Olajumoke Akinwunmi, the project features a large multi-level platform with a tower block housing studio apartments.
“This is a destination building; you’re not just passing through; you’re coming here to be entertained, watch a movie, go to the gym, eat, live, and work. While Lagos has many mixed-use developments, few function as true destinations,” Akinwunmi stated.
The Deputy Chief Executive Officer and Co-founder, Obinna Onunkwo, emphasised the project’s role in economic growth, noting that Nigeria’s largest economic sectors include agriculture, information communication technology, trade, and real estate.
“By merging real estate and trade, we are creating activity. Trade is essential for wealth transmission. During the COVID-19 recovery, trade rebounded quickly after ICT because it drives economic movement. The development, he said, provides a structured environment for traders, offering formalised retail spaces that allow for better economic planning and government oversight.
“Lagos has informal traders selling on railways and roads, but they are difficult to track. Here, businesses are organised, making it easier for the government to collect data and plan for urban development. Business cycles don’t align with political terms. If policies are consistent across administrations, businesses can plan for 10 years instead of shorter cycles,” Onunkwo stated.
Meanwhile, the governor of Lagos State, Babajide Sanwo-Olu, who commissioned the building, issued a certificate of completion to the mall.
He said, “I assure you that whatever it takes to work and be sustainable, the Lagos State government is ready to support so that we can spread the prosperity of Lagos. Once this is done, the city will begin to develop in a somewhat even manner. I want to stand here and say to you that we as a government will continue to provide an enabling environment for this to happen.
“We will continue to ensure that whatever the case, whatever the challenges or hiccups that you have, that will not be a hindrance to the visions or to the investment you want to increase. It’s an eco-friendly environment, which I believe ticks all the boxes to ensure that they put in place facilities on how they trap all of the waste and all of the things needed to bring about carbon emission; that is the development of the future.”
