Prime And Lucrative 7024sqm Of Development Land On Offer

Prime 7,024 sqm Land --- Victoria Island, Lagos ---
For Sale ₦9,000,000,000

Summary
7,024 sqm (0.7024 ha) vacant land on Victoria Island --- rare prime parcel in Lagos' foremost commercial / lifestyle district.
Offered at ₦9.0bn (≈ ₦1,281,690/sqm). Ideal for flagship mixed‑use, hotel, premium residential or corporate HQ development.

Key facts (concise & factual)

- Location: Victoria Island, Lagos (core business / premium mixed‑use district).
- Size: 7,024 sqm (0.7024 hectares).
- Asking price: ₦9,000,000,000 (Nine Billion Naira).
- Implied pricing: ≈ ₦1,281,690 per sqm (≈ ₦12,816,900,000 per hectare).
- Land condition: vacant / development-ready (buyers to confirm current on-site status and any planning restrictions).
- Access & infrastructure: located within Victoria Island precinct --- established road network, utilities and proximity to financial, retail and hospitality nodes (confirm exact connections at due diligence).

Why this parcel is attractive

- Exceptional location: Victoria Island is Lagos' primary financial and commercial hub with consistently high demand for prime office, hotel and residential space.
- Strategic scale: 7,024 sqm is large by Victoria Island standards --- sufficient for a high‑value, vertically oriented mixed‑use scheme or landmark standalone development (hotel, luxury residential tower, corporate HQ, retail flagship).
- Strong exit & yield potential: Historically high capital appreciation and rental premiums on VI for premium commercial and residential product.
- Institutional appeal: The parcel suits developers, hotel operators, REITs, private equity real estate funds and corporate owner‑occupiers seeking trophy assets.
- Flexible development options: Site capable of multiple highest‑and‑best‑use strategies (see below) depending on buyer appetite and planning approvals.

Highest‑and‑best‑use (recommended development concepts)

- Flagship mixed‑use tower: premium office grade A floors + retail podium and F&B, serviced apartments or serviced residences above.
- Luxury residential condominium: high‑rise apartments / penthouses with dedicated amenities, concierge and private parking.
- International hotel or branded serviced apartments: 4/5‑star hotel with conference facilities targeting business and leisure demand.
- Corporate headquarters / campus: single owner-occupied mixed floor plate for bank, corporate or multinational.
- Retail / leisure precinct: high‑end retail with restaurants, experiential F&B and rooftop amenities.
- Short‑hold landbank: strategic land banking for long‑term capital appreciation.

Indicative development scenarios

- Due to variable FAR / plot ratio and planning policies, exact GFA will depend on approvals. As an illustration only: a mid‑to‑high rise scheme (20--30 floors) can deliver significant GFA and high unit/tenant counts; purchasers should commission an architectural feasibility to quantify GFA, parking, and revenue projections.

Buyer profile (ideal)

- Institutional developers and property funds with strong balance sheet.
- Hotel groups and international operators seeking prime Lagos sites.
- Banks/corporates requiring prestigious headquarters.
- High net‑worth investors and REITs targeting trophy assets in Lagos.
- Consortiums with development and operational partners.

Suggested buyer protections & transaction structure

- Utilize escrow or bank guarantee arrangements for deposit and payment to protect both buyer and seller.
- Staged payments linked to milestone deliverables (title confirmation, clearance of encumbrances, handover).
- Conditional closing subject to satisfactory legal, technical and planning due diligence.
- Engage independent lawyers and technical consultants before execution.


Transaction & viewing process (typical)

1. Submit LOI / expression of interest with proof of funds (bank comfort letter).
2. NDA (if required) and scheduling of on‑site inspection and document review.
3. Buyer conducts legal, technical and planning due diligence supported by seller's documentation.
4. Agree commercial terms; execute sale agreement and escrow/guarantee arrangements.
5. Complete payment and register title transfer; take possession per contract.

Ref: Smart