Residential land joint venture
Luxury 2 & 3 Bedroom Flats Development Land
Waterfront Joint Venture Opportunity -- Lekki Phase 1, Lagos 1,556.508 SQM Wole Olateju Crescent, Off Admiralty Way, Lekki Phase 1 Land Value: ₦3 Billion Proposed: Luxury 2 & 3 Bedroom Flats 50:50 Sharing Facilitator's Fee: 10% Property & JV Overview - Location: Wole Olateju Crescent, Off Admiralty Way, Lekki Phase 1, Lagos. - Land Size: 1,556.508 SQM. - Title: To be verified (C of O / Governor's Consent expected for Lekki Phase 1). - Land Value: ₦3,000,000,000 (≈ ₦1.927 Million per SQM). - Premium: None stated. - Proposed Development: Luxury flats -- 2-bedroom and 3-bedroom units. - Sharing Formula: 50:50 (landowner : developer). - Facilitator's Fee: 10% of land value (₦300 Million), payable upon JV agreement. - Status: Waterfront land, ready for a joint venture development. Key Highlights - Prime Waterfront Location: Wole Olateju Crescent is a prestigious street off Admiralty Way in Lekki Phase 1, offering waterfront access and proximity to the lagoon. - High-Value Address: Lekki Phase 1 is one of Lagos's most sought-after residential districts, known for luxury living, security, and strong rental demand. - Clear Development Vision: The proposal for luxury 2- and 3-bedroom flats aligns perfectly with the high-end market in this area. - Balanced 50:50 Sharing: Transparent and equitable partnership structure -- landowner and developer share profits equally. - No Premium Mentioned: Unlike many JVs, there is no upfront premium specified -- potentially reducing initial costs for the developer. - Optimal Size for Luxury Development: 1,556.508 SQM provides ample space for a boutique mid-rise apartment building with amenities and parking. Development Potential - Luxury Apartment Block: A modern, mid-rise building (e.g., 4--6 floors) comprising 2- and 3-bedroom flats. - Waterfront Features: Potential for units with lagoon views, landscaped gardens, and recreational amenities. - Estimated Unit Count: 20--30 flats (subject to design and density regulations). - Amenities: Ground floor parking, lobby, gym, pool, backup power, water treatment, and 24/7 security. - Target Market: High-net-worth individuals, corporate executives, expatriates, and families seeking upscale living in Lekki Phase 1. Location Benefits -- Wole Olateju Crescent, Lekki Phase 1 - Waterfront Serenity: Quiet, tree-lined street with lagoon access and scenic views. - Proximity to Admiralty Way: One of Lekki's main arteries -- easy access to banks, restaurants, and commercial hubs. - Central Connectivity: Minutes from Victoria Island, Ikoyi, and the Lekki-Epe Expressway. - High Demand Area: Lekki Phase 1 consistently attracts premium tenants and buyers, ensuring strong rental and resale value. - Secure Environment: 24/7 security, well-maintained roads, and quality infrastructure. Financial Structure - Land Contribution Value: ₦3 Billion. - Premium (Upfront): None stated. - Developer's Role: Provide 100% of construction financing, project management, and sales/letting. - Profit Sharing: 50% Landowner / 50% Developer -- after recovery of agreed development costs. - Facilitator's Fee: 10% of land value (₦300 Million), typically paid from the landowner's share upon JV execution. Next Steps for Qualified Developers Interested developers must submit: 1. Letter of Intent (LOI) -- confirming interest and acceptance of the 50:50 sharing structure. 2. Company Profile -- with verifiable evidence of luxury apartment projects completed in Lekki Phase 1, Victoria Island, or Ikoyi. 3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦1.5B -- ₦2.5B+). 4. Preliminary Concept Note -- initial design and timeline aligned with the luxury 2- and 3-bedroom flats proposal. Due Diligence: - Upon signing an nda and facilitator fee agreement, the facilitator will provide title documents, survey, and arrange a site inspection. - Waterfront status and access rights to be verified. Ideal Partner Profile: - A reputable real estate development firm with a proven track record in luxury residential projects. - Strong financial capacity and ability to fund construction without sole reliance on off-plan sales. Lekki Phase 1 Waterfront JV -- 1,556.508 SQM, Land Value ₦3B, 50:50 Sharing, 10% Facilitator Fee. Serious developers with capacity and track record only.