Joint Venture Property from Deherculean Enterprises

*joint venture opportunity in banana island.* *size*: 1900 square meters, corner piece, situated in a mixed-use area (zone a, plot 1), banana island, ikoyi. *development proposal*: owner seeks construction of block of flat apartments. *title*: certificate of occupancy (c of o) *land valuation*: 2.1 million per square meter *premium*: none *sharing ratio*: 50/50 *brokerage fees*: 10% *survey plan*: available for serious develope...

For the ikoyi jv, 1. the property currently features a design for 15 stories mixed-used development which has been approved by the lagos state government. however, we understand that kingsway road(alfred rewane) ikoyi now has a zoning permit for the construction of up to 30 floors. we believe more floors would give economies of scale for the property and should be explored. 2. additionally, apart from the land itself, the owner has settled all lagos state government fees for building approvals. 3. the piling process has been completed and the owner has paid all professional consultants' fees for structures, architectural design, qs, m and e, as well as project management. the fee for regularization has also been paid and in the owners possession are both fgn and lasg certificates of occupancy. the owner does not intend to contribute further funds to the project unless absolutely necessary. the owner has also advised that he would expect credits for equity on the land's current value in addition to the aforementioned expenses captured above, plus goodwill. the land owner remains open to flexibility and is enthusiastic about establishing a mutually beneficial partnersh...