Mixed-use land joint venture
Banana Island, Ikoyi, Lagos
Joint venture opportunity -- mixed use, banana island, ikoyi, lagos
1,527 sqm c of o (governor's consent) 10--12 floors luxury apartments
land value: ₦6.87 billion premium: ₦100 million 50/50 sharing
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property overview
- location: banana island, ikoyi, lagos (mixed-use zone).
- land size: 1,527 sqm.
- title: certificate of occupancy (with governor's consent).
- land value: ₦6,871,500,000 (₦4,500,000 per sqm).
- proposed development: 10--12 floors luxury apartments comprising:
- 2-bedroom apartments
- 3-bedroom apartments
- 4-bedroom apartments
- maisonettes
- penthouses
- premium: ₦100,000,000 (payable to landowner).
- sharing ratio: 50/50 (between landowner and developer).
- broker fee: 10% of land value (₦687,150,000).
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key highlights
- ultimate banana island address: lagos's most exclusive waterfront enclave, offering unparalleled prestige, security, and luxury living.
- mixed-use zone advantage: flexibility for commercial and residential components---ideal for maximizing returns.
- strong title: c of o with governor's consent provides bankable security for jv financing.
- premium development potential: 10--12 floors allow for iconic skyline presence with high-value unit mix.
- clear jv terms: 50/50 sharing; ₦100m premium is modest relative to land value and development upside.
- structured process: loi, company profile, pof, and comprehensive proposal required---ensuring only serious, capable developers proceed.
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️ jv structure
party contribution sharing
landowner land (c of o title, valued at ₦6.87b) 50% of completed units/sales
developer ₦100m premium + 100% construction funding 50% of completed units/sales
- facilitator's fee: 10% of land value (₦687m) payable upon successful transaction closure.
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market context
- per sqm valuation: at ₦4.5m/sqm, this land is positioned at the premium tier of banana island---justified by location, mixed-use zoning, and high-rise approval potential.
- comparable context: recent banana island land transactions range from ₦4m--₦6m/sqm depending on waterfront access and zoning.
- development upside: luxury apartments in banana island command top-tier pricing (₦150m--₦500m+ per unit), with strong demand from nigeria's elite and international buyers.
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️ development potential
a 10--12 floor luxury development on this site could yield:
- total units: approx. 20--30 high-value apartments (mix of 2br, 3br, 4br, maisonettes, penthouses).
- target market: ultra-high-net-worth nigerians, diaspora buyers, expatriates, diplomatic corps.
- estimated gdv (gross development value): ₦10b--₦15b+, depending on final design and market conditions at completion.
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jv procedure
1. letter of intent (loi) -- express serious interest and capacity.
2. company profile -- submit credentials, portfolio, and track record.
3. site inspection -- physical viewing of the property.
4. comprehensive proposal -- detailed development plan, financial projections, and timeline.
5. proof of funds (mandatory) -- demonstrate financial capacity for premium and construction.
6. meeting with owner -- direct negotiation and alignment.
7. closure -- finalize jv agreement and commence.
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ideal for: established developers with proven luxury high-rise experience, strong balance sheets, and a track record of delivering premium projects in ikoyi or similar markets.
serious and capable developers only. this is a landmark banana island opportunity---dm for further engageme...
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₦6,871,500,000
Ac Valour International
08036503218