Residential land for sale
Lekki Phase 1 Proper, Lagos â, Lekki Phase 1, Lekki, Lagos
Lekki phase 1 proper -- prime redevelopment opportunity
950 sqm 3 units of demolishable duplexes c of o title
₦1.5 billion ₦1.58 million per sqm
---
property overview
- location: lekki phase 1 proper, lagos -- one of the most sought-after residential and commercial addresses on the lekki peninsula.
- land size: 950 sqm.
- existing structures: 3 units of duplexes (demolishable -- ideal for redevelopment).
- title: certificate of occupancy (c of o).
- asking price: ₦1,500,000,000.
- price per sqm: ₦1,578,947.
- status: prime land with existing income potential or immediate redevelopment upside.
---
key highlights
- lekki phase 1 proper: not phase 1 extension or fringes---this is core lekki phase 1, commanding premium value and instant recognition.
- redevelopment goldmine: 950 sqm with c of o in this location is increasingly rare. existing duplexes can be demolished for a new build, or renovated/leased in the short term while planning approvals are secured.
- strong title security: c of o provides bankable, transferable ownership---ideal for financing and investor confidence.
- immediate income option: the 3 existing duplexes can generate rental income during the design and approval phase for a new development.
- flexible potential: suitable for luxury residential, mixed-use, or commercial redevelopment subject to approvals.
---
️ development potential
with 950 sqm in lekki phase 1, potential uses include:
- luxury residential: 3--4 high-end detached villas with gardens.
- boutique apartment block: 12--18 luxury apartments (3--4 floors).
- mixed-use: retail/office on ground floor + residential above.
- single landmark mansion: expansive family compound with pool and amenities.
- corporate guest house: for multinationals or diplomatic missions.
---
market context
- per sqm pricing: at ₦1.58m/sqm, this is positioned within lekki phase 1's current land value range (₦1.5m--₦2.2m/sqm depending on exact location and street).
- comparable context: vacant land in core lekki phase 1 rarely trades below ₦1.5m/sqm. with c of o and existing structures, this offers both immediate utility and long-term upside.
- redevelopment math: even with demolition costs, the land value alone supports the asking price. the existing duplexes effectively come at no additional cost.
---
investment angles
- for the developer: acquire, demolish, and build a flagship project in prime lekki phase 1.
- for the investor: hold, collect rental income from existing duplexes, and sell later with planning approval uplift.
- for the owner-occupier: renovate one duplex and live while developing the rest, or build a dream home on one of lekki's most prestigious grids.
---
ideal for: developers seeking prime phase 1 land with title intact; investors wanting income + appreciation; high-net-worth individuals seeking a legacy address.
a rare 950 sqm c of o parcel in lekki phase 1 proper---with 3 duplexes ready for redevelopment or immediate inco...
More details
Added Today
₦1,500,000,000
Ac Valour International
08036503218