Showing posts with label commercial Property. Show all posts

Wednesday, 28 December 2022

THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

CHAPTER ONE

INTRODUCTION

1.1 Background Of The Study

Properties either commercial or residential property in form of housing is an essential and fundamental component of the overall land use activities in both rural and urban areas. It has been universally acknowledged as one of the basic needs for man’s survival as it goes a long way to determine not only the social standard of a man but also that of a nation and a community (Ezirim, 2005).

Generally, the supply and the demand for properties take place in a housing market. According to Bourne (1981), the housing market is a set of institutions and procedures for bringing together housing supply and demand, that is, buyers and sellers, renters and landlords, builders and consumers, for the purpose of exchanging houses and housing services as resources. It examined in detail the present and future trends in the supply of and demand for housing within a given area. Basically, housing market analysis identifies supply and demand factors and needs and establishes procedures and processes for meeting the needs. Unlike other types of market, the housing market had a number of distinctive characteristics. It deals with the exchange of rights and property and is, for all intents and purposes, immobile. The housing market had no specific market place where exchanges between buyers and sellers were done.

The process of urbanization had taken a new turn over the last few decades and population explosion had placed urban areas in a situation where the available facilities including housing and commercial properties in form of shops were below margin in terms of meeting its equivalent demand. Considering the environmental nature of frontage shops which depicts deteriorating housing facilities, environmental degradation, poor sanitary environment, bad roads and access, overcrowding, high crime rate, delinquents, etc. had tremendous negative influence on the health, safety and economic and social welfare of residents of any urban centre or community.

In recent times studies have shown that inadequate commercial properties such as shops and offices in urban areas of developing countries have lead to the development of frontage shops (Rojas, 2000). Ooi and Phua (2007) have observed that most cities in developing world have been overwhelmed with the development of frontage and corner shops in an attempt to meet the gap for commercial properties development, thereby constituting hindrance to property development.

Property development comprises a significant component of total Australian economic output. The property development process involves the continual combination of significant factors of production (land, labour, capital and enterprise). In addition, property development in Australia has been characterized by some significant cyclical influences as the process involves significant risk. It is in the interests of capital markets, market participants and the public sector that property development processes are better understood so as to ensure efficient allocation of physical resources, human resources and capital(Cadman, 1995).

The pattern of property development within the context of metropolitan growth and development has been the subject of an extensive literature. Among the streams of literature have been monocentric and polycentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Less examined have been the factors that determine the specific location of residential development from among the number of potentially suitable sites available. Miles (2002) of opined that site selection suggest that factors that are important in locating a residential development include: physical suitability for development, slopes, soils, hydrology, land availability, legal restrictions, government regulations (zoning and other land use controls), existing land use patterns and location of other property development, access, including proximity to interstate highways, distance to employment sources, distance to shopping, availability of amenities (water, restaurants and shopping, golf, parks), neighborhood factors such as age of surrounding housing stock, schools, crime etc (McMillan, 2000).

Property or real estate development is the process of developing buildings or land into a higher use value. It is a multi-faceted business which encompasses any of the following; buying land and building property on it, renovating, extending or improving property and or converting property from one use type to another. The proliferation of frontage shops has significantly affected the quality of urban environment as it negates the effectiveness of property development and development control in Nigeria urban centers ( ). Property development control forms an integral part of the planning practice. It is the basic means by which the state intervenes to regulate the use and development of land in order to implement local and national planning policies. Most significantly, it is the part of the planning process in which members of the public come into contact with local planning authorities.

Originally, the rationale for the introduction of state control on private development was to achieve objectives of safety and better health in order to create an improved environment for the benefit of the community. However, as the role of the state expanded and the extent of its intervention increased the definition of the ‘environment’ subject to planning control has changed. From being wholly concerned with the physical form and content of development it now embraces the social and economic consequences of development. As a result, development control has been used to implement planning strategies for different purposes; for example to minimize the negative effect of urban growth, to check the menace of market forces and ensure social equity, as well as to control property development in the urban centers as to ensure compliance with development standard. (Litchfield & Darin Drabkin, 1980). It is against this background that this study seeks to examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.2 Statement of the Problem

Like every other developing country, the problems associated with frontage shops, corner shops and property development in general had been a predominant issue in urban centres. These problems were seen around both residential settlements and other uses. In Nasarawa town, Tammah in particularly, every most residential property or shops along major streets and roads are characterized with frontage shop which pose serious problems to the environment and property development in particular. These problems observed include obstruction to drainage system as most frontage shops are built across drainage systems, littering of wastes, distortion to the atheistic beauty of the town, overcrowding, conversion of residential building to commercial without due consideration to development standard among others. Frontage shops are mostly constructed without the approval of development control authority as owners of such properties did not have the right of either develop or occupying such properties. Frontage shops or structures were mostly erected arbitrary and construction is carried out with weak and short-lived materials which were vulnerable to potential environmental consequences. Buildings were not well planned or designed, no pre-concerned layouts and complete absence of development control. For this study, the problems mentioned above would be the focus of this study as it would examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.3 Aim and Objectives of the Study

The aim of this study is to examine the proliferation of frontage shops on property development in Tammah Nasarawa.

The specific objectives of the study include:

Examine the types of frontage shops
To examine the rules and regulation on development control in Nasarawa town
To examine the development control authority
To examine how the establishment or sitting of frontage shops abide to rules and regulations of development control
To examine the challenges of the enforcement of development control in Nasarawa town.

1.4 Research Questions

What are the types of frontage shops?
What are the rules and regulation on development control in Nasarawa town?
What the concept of development control authority
Does the establishment or sitting of frontage shops abide by the rules and regulations of development control?
What are the challenges of the enforcement of development control in Nasarawa town?

1.5 Significance of the study

The role of property development and development control in management of urban areas cannot be underestimated. The crucial relevance of property development makes studies about it important to national development. This study examined the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

The study is particularly important as contributes to existing works on
property development and the numerous factors that affects it, particularly the uncontrolled numbers of frontage or corner shops in Nigeria urban centers. This will contribute to knowledge by discovering new challenges stakeholders faces in controlling and housing development in urban centers in growing cities and also serves as a reference material for future research.

The findings of this study will help contribute to good management practice in the public
institutions charged with the responsibility of controlling property developments in the
country. This is because the study attempts to explore the problems associated with
proliferation of frontage shops and how it affects property development and recommends actions to be taken for its effectiveness.

Furthermore, the findings will create awareness of stakeholders on the current state of
proliferation of frontage shops and their effect on the urban environment and people. This will ensure adequate measures are put in place to prevent further developments of the
situations where buildings in urban areas uncontrolled. The implementation of findings of
this research will also lead to improvement in urban housing development and
management as well as related issues in Nigeria as a whole.

The study will extend literature and broaden the frontiers of knowledge in property development and development control and serve as input into related works in future. The findings could contribute to tackling issues for consideration in the study district as well as national policies on ensuring effective developments in the urban areas and beyond.

1.6 Scope and Limitations of the Study

This project mainly concern on the examination of the impact of proliferation of frontage shops on property development in Tammah Nasarawa. The study will only be limited to properties with frontage shops which are not originally part of the building plan, which includes Kiosk, makeshift shops, etc.

In the course of carrying out this study several problems were encountered among which are:

Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

Uncooperative attitude of Respondents: Some respondents were very reluctant in responding to the research questions which tried to affect the research but the researcher make concerted effort to convinced them.

1.8 DEFINITION & OPERATIONAL OF TERMS

Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).
Property: This is the embodiment of tangible ownership right or bundles of right in real estate. It could also be described as a concept of right which can be held separately (Babatunde, 2003).
Development: used here means an event constituting a new stage in a changing situation i.e. process development or being developed.
Control: implies the power to influence or checking direct result of a survey or experiment of an intelligence of organization.
Impact: these means to have a strong effect on something either positive or negative.

THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

CHAPTER ONE

INTRODUCTION

1.1 Background Of The Study

1.2 Statement of the Problem

1.3 Aim and Objectives of the Study

The aim of this study is to examine the proliferation of frontage shops on property development in Tammah Nasarawa.

The specific objectives of the study include:

Examine the types of frontage shops
To examine the rules and regulation on development control in Nasarawa town
To examine the development control authority
To examine how the establishment or sitting of frontage shops abide to rules and regulations of development control
To examine the challenges of the enforcement of development control in Nasarawa town.

1.4 Research Questions

What are the types of frontage shops?
What are the rules and regulation on development control in Nasarawa town?
What the concept of development control authority
Does the establishment or sitting of frontage shops abide by the rules and regulations of development control?
What are the challenges of the enforcement of development control in Nasarawa town?

1.5 Significance of the study

1.6 Scope and Limitations of the Study

In the course of carrying out this study several problems were encountered among which are:

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.8 DEFINITION & OPERATIONAL OF TERMS

Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).
Property: This is the embodiment of tangible ownership right or bundles of right in real estate. It could also be described as a concept of right which can be held separately (Babatunde, 2003).
Development: used here means an event constituting a new stage in a changing situation i.e. process development or being developed.
Control: implies the power to influence or checking direct result of a survey or experiment of an intelligence of organization.
Impact: these means to have a strong effect on something either positive or negative.

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

ABSTRACT

This study examined the impact of property management on commercial property rental value in Kubwa Abuja in order to ensure that commercial properties are maintained in such a way that they command the highest possible net return. Specifically the study seek to determine the influence of property management on property values for commercial properties, investigate the perceptions of real estate agents relative to their relationship with landlords and tenants, evaluate factors which affect commercial property values in Kubwa Abuja, assess the challenges that are faced by property managers in managing commercial properties and to come up with measures to ensure proper management of properties. The research design adopted for the study is the survey design which allowed the research to gather information from the research population through observation, personal interview and questionnaire. In analysis of the data collected, the researcher employed statistical method of data analysis for accuracy and conciseness. The analysis was carried out in tabular form and these analyses was carry their respective percentages. The study concluded that property management, increases and maintains the value of property, that when a landlord is overly demanding, controlling, or harsh to his tenants, it might frustrate the tenants to the point that they may purposely cause damage to the property or default on their rent payments. The study recommended that property managers should communicate effectively with commercial tenants.

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Over the past decades and beyond Nigerian society has grappled with the subject of property management or administration and has been a subject of discuss for scholars (Onyema, 2011). Property management is the art and science of managing real estate in terms of its development, maintenance, and cash flow from users and occupiers in order to achieve the greatest possible benefits for the owner and all parties interested in the property while remaining within the parameters of applicable laws and regulations (Onyema, 2011). In the absence of qualified property managers who are properly trained in the field of property management, the majority of properties have suffered from poor management and neglect.

Property management is the physical, administrative, or financial upkeep and management of real property for a fee, commission, or other pay or valuable consideration (Nevada State Real Estate Division, 2018). It is the process of maintaining and handling all day-to-day activities centred on a piece of real estate. Commercial property includes shops, malls, office buildings, and industrial parks. Offices for business, professional services, and other administrative and government functions. Shops are either a shopping mall or a consumption outlet. Industrial property is employed in production (Ball, Lizieri, & MacGregor, 2012).

Commercial property management involves specific competence to care for a person, household, or corporation’s investment in buildings to maximise return (Oladokun and Ojo, 2011). According to Ge and Du (2017) property value is impacted by a multitude of elements, and determining those characteristics is an important part of property assessment. Absence of property management leads to inadequate maintenance of commercial property. Thus, it is critical to maintain commercial properties in good condition to maximise economic return. Effective property management is one of the critical aspects needed to maximise property investment returns. Absence of property management leads to inadequate maintenance of commercial property. Thus, it is critical to maintain commercial properties in good condition to maximise economic return.

In real estate, commercial property is property used to make commercial profits, including shops, malls, office buildings and industrial parks. Commercial property management entails the application of specialized skill to care for the investment, sometimes of an individual, household or corporate body in buildings with the aim of securing highest return (Oladokun and Ojo, 2011). Commercial property value is developing an opinion on the value of the property in market value.Ge and Du (2007) stated that property value is an essential aspect of property markets worldwide and determined by a variety of factors and the determination of those factors is a significant part of property valuation.

It is common for many property owners (Landlords) to forego using the services of estate surveyor or valuers (Lam & Terrence, 2016). To watch after or take care of their holdings, they appoint “caretakers.” These caretakers, in turn, have little authority, as they are only permitted to collect rent from renters and do minimal repairs on the houses under their supervision. Furthermore, they are primarily laypeople who have not received any formal estate management training (Palm, 2015). Certain real estate properties have suffered as a result of this. As a result, effective property management is critical to a property’s ability to generate the highest possible profits while also maintaining a long physical and economic life (Lam & Terrence, 2016). Good property management has progressed from the simple maintenance of a building in response to tenant complaints to the deliberate planning of building services and the efficient operation of an accounting system, all while taking into consideration the legal, economic, and social interests of both tenants and landlords (Palm, 2016).

One can readily discern between well-managed and neglected properties in several of Nigeria cities, by taking a glance about and studying some of the buildings. A properly managed portfolio of our landed properties is equally critical to our economic development as is the construction of these properties. It is also critical to the historical, social, and cultural development of our country, and it should be accorded the attention it deserves, both privately and publicly, for these reasons. According to Evans (2017), property management has never been perceived as a tough or complex industry in the previous century, and the word “property manager” simply refers to someone who is in charge of collecting rent. Evans (2017) was feared and despised by many, and it was during these times that the property manager’s primary function was to collect rent from tenants. This function continued for decades after this. Historically, landlords in Nigeria have not paid close attention to the upkeep of their properties.

The absence of property management negatively affects the physical condition of the commercial property due to poor maintenance. Therefore, it is important that the commercial properties are maintained in a sound condition to provide the greatest possible economic return. Effective property management is the only antidote necessary to generate maximum returns on property investment especially at this period of global economic crunch. The only way to ensure regular income is through proper management of property. This study therefore examined the impact of property management on commercial property values in Kubwa Abuja.

1.2 Problem Statement

Buildings, like any other physical asset, lose value with time (Sanderson, 2016). Loss of value is caused by a mixture of both natural elements such as rain or earthquakes, and human related actions such as the use of poor quality materials in construction or lack of maintenance of the buildings. Physically, the property offers discomfort to tenants owing to wear and tear of the structure. These factors can raise the depreciation rate of property and influence quality and value. When looking for accommodation for business, a person may not select the old and outdated structure with poor maintenance. This implies these structures will have little demand hence low worth on the market. In Harare, many commercial buildings are not in good shape and some are depreciating as a result of poor maintenance and bad property management. The impact of property depreciation will be the disproportionate losses in terms of asset capital values of these properties. Such structures are a threat to the occupant’s life as they can collapse and kill individuals. Such properties have become properties of low standards as a result of bad property management and lack of maintenance. If this problem is disregarded, properties will continue losing values and this will limit investment in commercial properties since investors are much concerned with higher returns.

1.3 Aim and Objectives of the

The aim of the study is to examine the impact of property management on commercial property rental value in Kubwa Abuja in order to ensure that commercial properties are maintained in such a way that they command the highest possible net return.

The specifics objectives of the study include:

To determine the influence of property management on property values for commercial properties.
To investigate the perceptions of real estate agents relative to their relationship with landlords and tenants.
To evaluate factors which affect commercial property values in Kubwa Abuja
To assess the challenges that are faced by property managers in managing commercial properties.
To come up with measures to ensure proper management of properties.

1.4 Research questions

The research questions are as follows;

How does property management affect property values for commercial properties?
How does the relationship between the estate agent, the property owners, and tenants affect the way property management services are delivered?
Which factors commercial property values in Kubwa Abuja?
What are the challenges faced by property managers when managing commercial properties?
What measures should be taken to ensure proper management of properties?

1.6 Significance of the Study

The finding of this study will be of benefit to the following groups;

Firstly, property owners and tenants who charged and are being charged rents based on different reasons, especially when the properties are not properly managed will know the relevance of property management and its effects of commercial property rental value. This will again enable the investors not only to understand how occupier thinks, but also why and the things they consider before acquiring properties for certain uses.

Secondly, the generality of the public can now understand the menace of poorly managed property and why such properties command poor rental value compared with properly managed properties.

Lastly, this research work will help to determine the factors influencing residential properties which are an essential pre-requisite to successful development as well as stimulating interest in the students to carryout out further research on the topic.

1.6 Scope and Limitations of the Study

The scope of this study is limited to the examination of the impact of property management on commercial property rental value in Kubwa – Abuja.

Limitation

Expectedly, this work met with some hindrances during the stage of data collection. The issue of property management and commercial property rental value is usually regarded as classified information, which is not easily disclosed to people particularly researchers. This was largely suspected to be the reason why some Estate surveyors, property owners, tenants, Estate firms, property companies and even Estate agents who were approached through oral interviews, discussions and visitations found it rather difficult to reveal essential information despite every explanation that the exercise is strictly for academic purposes, a good number of them, still nursed the fear that it may be for property rating and taxation purposes.

There was also the problem of logistics occasioned by the society. The researcher worked with a very light budget throughout the period of study as the frequent and repeated visits to relevant persons and offices entailed quite some money. Moreover, also recall that some of the interview respondents were not co-operative as they kept on playing to the gallery as a means of avoiding supplying the required information. On a general note however, the researcher ensured that these bottle – necks never affected the findings of this study since the success far outweighed the hindrances as enumerated.

1.7 Scope of the Study

This study is on an analysis on the effects of property management on commercial property values using Harare as a case study. This study shall be delimited commercial properties managed by various to property management companies in Harare CBD. Companies include Knight Frank Pvt Ltd, Dawn Properties, Zimre Properties and others. Managerial and non- managerial employees shall be respondents of the study. This study shall be delimited to a period of between 2015 up to 2022.

1.8 Definition of Key Terms

Real estate refers to property, land, buildings, air rights above the land and underground rights below the land (Firstenberg et.al, 1998).

Property management is defined as the process of keeping a property in a good state of health, devoid of decay and in other to enhance the value of the property, yielding optimum returns on investment (Oyedele, 2013).

Commercial property includes shops, malls, office buildings, and industrial parks (Oladokun and Ojo, 2011).

Property manager refers to an individual or company that is hired to oversee the day- to-day operations of a unit of real estate. Property owners and real estate investors typically hire property managers when they are unwilling or unable to manage the properties themselves. (Palm, 2015).

Depreciation is defined as the decrease in an assets value over time due to wear and tear (Downs, 1991).

Property Value is defined as the present worth of future benefits arising from the ownership of the property (Millington, 2013).

Property maintenance refers to property maintenance refers to activities that are essential for keeping a building functional and comfortable for its occupants (Cloete, 2001).

Investment refers to the allocation of monetary resources to assets in expectation of yielding some gain or positive return over a given period of time (Kaptan, 2001).

THE IMPACT OF PROPERTY MANAGEMENT ON COMMERCIAL PROPERTY RENTAL VALUES IN KUBWA ABUJA

ABSTRACT

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

1.2 Problem Statement

1.3 Aim and Objectives of the

The specifics objectives of the study include:

To determine the influence of property management on property values for commercial properties.
To investigate the perceptions of real estate agents relative to their relationship with landlords and tenants.
To evaluate factors which affect commercial property values in Kubwa Abuja
To assess the challenges that are faced by property managers in managing commercial properties.
To come up with measures to ensure proper management of properties.

1.4 Research questions

The research questions are as follows;

How does property management affect property values for commercial properties?
How does the relationship between the estate agent, the property owners, and tenants affect the way property management services are delivered?
Which factors commercial property values in Kubwa Abuja?
What are the challenges faced by property managers when managing commercial properties?
What measures should be taken to ensure proper management of properties?

1.6 Significance of the Study

The finding of this study will be of benefit to the following groups;

Secondly, the generality of the public can now understand the menace of poorly managed property and why such properties command poor rental value compared with properly managed properties.

1.6 Scope and Limitations of the Study

The scope of this study is limited to the examination of the impact of property management on commercial property rental value in Kubwa – Abuja.

Limitation

1.7 Scope of the Study

1.8 Definition of Key Terms

Real estate refers to property, land, buildings, air rights above the land and underground rights below the land (Firstenberg et.al, 1998).

Commercial property includes shops, malls, office buildings, and industrial parks (Oladokun and Ojo, 2011).

Depreciation is defined as the decrease in an assets value over time due to wear and tear (Downs, 1991).

Property Value is defined as the present worth of future benefits arising from the ownership of the property (Millington, 2013).

Property maintenance refers to property maintenance refers to activities that are essential for keeping a building functional and comfortable for its occupants (Cloete, 2001).

Investment refers to the allocation of monetary resources to assets in expectation of yielding some gain or positive return over a given period of time (Kaptan, 2001).

Monday, 27 December 2021

AN APPRAISAL OF PARKING LOTS OF COMMERCIAL PROPERTY IN IKEJA

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

The viability of any urban activity system is dependent upon interactions of transport systems and infrastructure. In this regard, the transport system provides two fundamental functions: Movement of persons and goods, and provision of access to land-based activities. Transport services are therefore not demanded and utilized for their sake but are derived from the desire to use other services, thus making transport complementary to or a derived demand arising from the use of other services in an urban area (Ogar, 2009).

With the rapid growth of vehicular traffic in recent years, the planning of the city has been faced with a number of new problems. Old streets have to be widened in order to accommodate the increasing number of cars. New streets and highways have to be constructed to enable the cars develop full speed (Walter, 2012). Meanwhile, all these extensive activities in the widening and highway construction have proved not to be enough to relieve traffic congestion or to improve traffic flow along the main thoroughfares within the city at large. Walter, in his study also observes that the problem of keeping the cars on the move is definitely related to the question of where to put them when they come to rest.

Parking is a critical component of transportation policy and management for any locale, but especially for the large central cities. The policies and management practices affecting parking lead to outcomes that, in turn, can affect land use, air quality, traffic congestion, travel behavior, safety and economic development, not to mention revenue lines. Yet, effectively managing parking is an ongoing battle for the large central cities as they face competing, and sometimes contradictory, objectives along with an ever-increasing demand for space (Allison, 2012).

As important as parking is, there are relatively few serious analyses and assessments of parking and its problems which are of particular interest to this study. It is considered as the most delicate and most problematic in terms of the use and management of parking. This is as a result of myriads of commercial activities in the district which attract high population and motorized traffic. This gives rise to complex traffic problems in the Ikeja. These problems can only be solved through appropriate and well-articulated planning policies and actions on a sustained basis. It is therefore necessary that parking facilities are covered in urban transportation management exercises through proper evaluation. The proper location of the facilities within the commercial areas based on standards ensures effectiveness while non-conformity to standards affects their efficient utilization. Good management of parking facilities in planned commercial capital of the Lagos state will promote efficiency and sustainability in the smooth running of the city.

1.2 Statement of the Problems

The appraisal of a parking lot appears to be a simple problem. One would expect it to be straightforward, but it is not. Among the complicating issues are the type of value sought, the rights to be appraised, and the specific asset to be valued. Ikeja has very elaborate proposals meant to ensure smooth traffic movement and parking. The proposals include various hierarchies of transportation corridors, public and private parking areas and an integrated system of rail and mass transit. In reality, effective as the transportation system is meant to be, parking has now become a major problem that makes travel within the city difficult. Commercial areas across the city exhibit more of the problems. The occurrence of this problem and the factors responsible require investigation to determine possible solutions. This study seeks to explore these and related issues using Ikeja as a case study. It examines characteristics and problems of parking and the forces that account for observed shortcomings.

1.3 Research Questions

The questions that the study seeks to answer are:

What is the nature and pattern of parking lots of commercial property in Ikeja?
What are the explanatory factors for the problems?

1.4 Aim of the Study

The aim of this research is to appraise the parking lots of commercial property in Ikeja as a basis for identifying the inherent problems and to make recommendations.

1.5 Objectives of the Study

To review relevant concept, policy, standards and management strategies of parking in cities.
To examine the characteristics of parking for commercial developments in Ikeja.
3. To identify the parking problems associated with commercial developments in Ikeja and explanatory factors.
To make appropriate recommendations.

1.6 Scope and Limitation

This study will focus on characteristics and problems of parking lots of commercial property in Ikeja. It will also determine the factors responsible for parking problems and the implications. It is further limited to the problems of parking by commercial developments and by streets.

1.7 The Study Area

Ikeja is the capital of Lagos State in southwestern Nigeria. Its population, as of 2006 census, is 313,196. Prior to the emergence of military rule in the early 1980s, Ikeja was a well planned, clean and quiet residential and commercial town with shopping malls, pharmacies and government reservation areas. The Murtala Muhammed International Airport is located in Ikeja. Ikeja is also home to Femi Kuti‘s Africa Shrine and Lagbaja‘s Motherland, both venues for live music. Its Ikeja City Mall is the largest mall on the Lagos State mainland. Ikeja also has its own radio station, broadcasting both in English (Eko FM) and in Yoruba (Radio Lagos).

History

Ikeja, which was formally called “Akeja” was named after a deity of the Awori people of Ota. It was originally settled by the Awori people, and the area was raided for slaves until the mid-19th century. Early in the 20th century it became an agricultural hinterland for Lagos. The opening of the Lagos-Ibadan railway in 1901 and the growth of Lagos as a port transformed Ikeja into a residential and industrial suburb of that city. In the mid-1960s an industrial estate was established, and in 1976 Ikeja became the capital of Lagos state.

Government and infrastructure

The Local Government administrative headquarters of Ikeja are located within the Ikeja Local Government premises. As of June 2019, the Chairman (Mayor) of Ikeja’s local government is Engr. Mojeed Balogun.

The Federal Airports Authority of Nigeria has its headquarters in Ikeja on the grounds of Murtala Muhammad Airport. The Accident Investigation Bureau of the Nigerian government is headquartered in Ikeja. The Nigerian Civil Aviation Authority (NCAA) has its head office in Aviation House on the grounds of the airport; this was formerly just the Lagos office.

Economy

Several airlines have their head offices situated in Ikeja. Arik Air‘s head office is in the Arik Air Aviation Centre on the grounds of Murtala Muhammed Airport. Aero Contractors has its head office on the grounds of Murtala Muhammed Airport. Other airlines with Ikeja head offices include Overland Airways, Air Peace, Associated Aviation, and Dana Air. In addition, Virgin Atlantic has its Nigerian office in “The Place” in Ikeja.

At one point, Nigeria Airways had its head office in Airways House. Before it was dissolved, Afrijet Airlines had its head office in the NAHCO Building on the grounds of the airport. Bellview Airlines had its headquarters in the Bellview Plaza. Other now-defunct airlines with head offices in Ikeja include Air Nigeria (formerly Nigerian Eagle and Virgin Nigeria Airways), on the 9th Floor of Etiebets Place, Sosoliso Airlines, and ADC Airlines.

A slum in Ikeja was recently selected by C. J. Obasi as a production location for his upcoming Nollywood thriller, Ojuju.^[25]

Ikeja also has a main market area called Ipodo Market. This market contains many shops and makeshift stalls where merchants display and sell produce, meat, fish, grains, and other groceries.

Wednesday, 8 November 2017

IMPACT OF ROAD CONSTRUCTION ON COMMERCIAL PROPERTY RENTAL VALUE

(A CASE STUDY OF LAFIA, NASARAWA STATE)

Abstract

Road construction is a socioeconomic activity in most urban centers. It is long piece of ground specially prepared with a hard level surface for people, vehicles to travel upon, a greater part of the nations resources since 1941 road has the most had been spent in general development such as construction work, provision of water, telephone and development of road network, poor road network is one of the factors affecting property value, for this reason the research will focus on the impact of road construction on commercial property rental value before and after road construction. Literatures on the topic were reviewed with proper citation. 100 questionnaires were administered. The data obtained were analyzed using tables and description. It was found that there was notable increase in property value after road construction and it has impacted the community positively, government have been encouraged to levy betterment tax on occupiers / owners of the commercial properties. It was recommended that road should be constructed to other nearby town so as to improve property value and foster business relationship in the area.

CHAPTER ONE

1.0 INTRODUCTION

Road construction is a socio–economic activity in most urban centers, it is long narrow piece of ground specially prepared with a hand level surface for people, vehicles to travel upon a greater part of the nations resources since 1941 had been spent in general development such as construction work, provision of water, telephone and development of road network. Since that period, road construction has become one of the most important considerable infrastructure in any locality within Nigeria. This is because accessibility provide conveniences in transporting people and conveying goods from one place to another. Good road network leads to communication between one locality and another, therefore, in any locality where there is good accessibility, there will be positive changes in physical appearance and economic activities which will result to appreciation of property values.

The opportunities open as a result of good road network leads to improvement in the general activities of people which facilitate business activities and provide links between neighboring areas. Transportation and property are important in physical and economic development of towns and cities all over the world. Property and land values tend to increase in areas with expanding transportation networks and road infrastructure, and increase less rapidly in areas without such improvements, rapid and continued rise in housing and prices are expected in cities with road transportation network improvements and rapid economic and population growth (Gold Berg, 1970) man, nations, town regions and the world itself would be severely limited in development without road network transformational, which is a key factor for physical and economic growth (Oyesiku, 2002). Transportation systems and land use are interdependent.

According to Bailey, Mokhtarian and Littlell (2008), Transportation route is part of distinct development blue print of any urban area in the world at present. The road network coupled with increased transportation, investment result in changed levels of accessibility reflected through cost benefit analysis, savings in travel time line and other benefits. These benefits are noticeable in increased catchments areas for service and facilities like shops, petrol filling station, hotel, schools, offices, banks, and leisure activities.

Road networks are observed in terms of its components of accessibility and traffic density and it control the level of service, compactness and density of particular roads. The level of service is measured by the quality of service on transportation devices or infrastructure is determined and it is a holistic approach considering several factors regarded as measures of traffic density. Modern businesses, industries, trades and general activities depend on transport and transport infrastructure, with movement of goods and services from one place to another becoming vital and inspeakable aspects of global and urban economic survival (growth). The study area is a typical example in the history of growth and development of city with improved road networks and road infrastructure developed to cater for increase in concentration of commercial activities, pedestrian and vehicular movements. Similarly, commercial activities like retail, wholesale business, has attracted consumers and ancillary service providers. This partly caused increase in demand for commercial space and its effects on commercial property values along roads in the study area. There have been increase in rental values of commercial properties along the road although not all equal rates in all areas. This research analysed the rental value of commercial properties.

1.1 Statement of Problem

Poor road network is one of the factors affecting property values. It makes a village town or state to be backward in economic growth and development. It is the socioeconomic impact of the road construction on property values that necessitate this study.

What are the impact of road construction to commercial property rental values?

1.2 Aim and Objectives

The aim of this study is to examine the impact of road construction on commercial property rental values in Lafia. In other to achieve the above aim, the following objective shall be pursued.

To examine the state of the available road network in the study area.
To asses the supply of commercial property in the study area.
To examine the rental value of commercial property in the study area before and after road construction.
To determine the extent to which road construction has affected property values.
To recommend the way forward.

1.3 Research Question

What is the nature of available road network in the study area?
What is the growth rate of supply of commercial property in the study area?
What are the values of commercial property from 2010 – 2015?
To what extent has road construction has affected property values?
What way can road network be increase?

1.4 Significance of the Study

This study focus on the impact of road construction on commercial property rental value. Accessibility is the most important element that enhance property values. This research will encourage government to provide good road network as it has positive impact on commercial property rental values.

The greater the accessibility of a location the comparative advantage to commercial property users, and the greater the comparative advantages to the demand for more commercial property in the study area and finally this research will also serve as a requirement for the award of Higher National Diploma (HND).

1.5 Scope and Limitations of the Study

This research is confined to the study of impact of road construction on commercial property rental values in Lafia, the research covers commercial property along new Lafia modern market up to government house.

1.6 Historical Background of the Study Area

Lafia is a town in the central Nigeria. It is the capital city of Nasarawa state and has the population of about 330,712 inhabitants according to the 2006 census results, it is the largest town in Nasarawa state.

Before Lafia become the capital of Nasarawa state, Lafia a local chiefdom in the early nineteenth century a small town of the Eggon, Alago and other minority people had existed on the site. The emirate formed the major part of Lafia division of Benue province, in 1967 the town become part of Benue Plateau state and in 1976 it was allocated to Plateau state and now Nasarawa state.

Modern Lafia is a collecting point for sesame seeds, soya beans and is a trading center for yam, sorghum, millet and cotton, beside farming, cotton weaving and dyeing are traditionally important activities of the town permanent inhabitants – members of the Alago, Tiv and Kanuri people – while Fulani herdsmen bring their cattle to graze in the vicinity during the dry season. Tin and columbite are mined nearby and there is deposit of coal in southeast of the town.

In addition to the Emirs palace, Lafia has central mosque, a roman catholic church, both primary and secondary schools as well as government health office. It is situated on the trunk railway from Port Harcourt and on the main highway between Markudi and Jos.

1.7 Definition of Key Terms

Road: The Concise Oxford Dictionary defined road as specially prepared truck between places for the use of pedestrian, rivers and vehicles. It could also be a long narrow piece of ground especially prepared with a hard level surface for people, vehicles etc.
Property: Is a legal concept encompassing all the interests, right and benefit related to ownership. Properties consist of the right of ownership which entitle the owner to a specific interest or interest in what is a physical entity and its ownership Olusegun (2003).
Value: As the worth of something in terms of money or other goods for which it can be exchanged or quality of being useful or important. The word value does not have a specific and restricted meaning as it may mean different things to different people Olusegun (2003).
Commercial Properties: Immovable properties, land together with all the properties on it that cannot be moved with any attached rights paten business operation (Microsoft Encarta 2009 Microsoft Corporation).
Rental Value: As the rent which is an annual or periodic payment of money for the use of land or of land and building, rental value is the highest rent obtainable for a property in an open market at any given time Olusegun (2003).
Road Network: Road construction is defined by Lord Hale to be open passage of bring, which from the situation of the adjacent land, and its own depth and wideness with nodal link and connectivity, afford a secure place for the common ridding and anchoring of vehicles for human and goods. Zangand lund University (2004), sees road network to consists of large number of interwoven roads exhibiting many patterns ranging from star like to grid – like with irregular patterns becoming recognized.

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