Land joint venture
Mccathy Street, Ilupeju, Lagos
Notice: *direct developer communication only* (no agents- no mandates)
listing title
development lease (bot) --- 500 sqm, macathy street, ilupeju estate
term: 20‑year lease
overview
prime build‑to‑operate‑transfer (bot) development lease opportunity in ilupeju estate, lagos. a 500 sqm plot on macathy street is offered on a 20‑year lease for a developer to construct a mid‑rise block of flats (flexible unit mix). the proposal requires a well‑designed scheme with adequate parking and sensible density --- not overcrowded. construction period: 12- 18 months. premium: ₦6,000,000. faacilitation fee: ₦10,000,000.
property summary
- opportunity type: development lease (bot) --- lease, build, operate and transfer framework
- location: macathy street, ilupeju estate, lagos
- land area: 500 sqm
- lease term: 20 years
- upfront premium: ₦6,000,000
- construction period (proposed): 12-18 months from commencement
- design brief: block of flats --- unit numbers flexible but must avoid overcrowding; scheme must provide adequate parking and amenity space
- facilitation fee: n10,000,000 (fixed)
- availability: by agreement following heads of terms and deposit
development proposition
this bot lease is ideal for experienced developers and investors seeking short‑to‑medium term cashflow from a managed residential asset in ilupeju estate, with the asset reverting to the landowner at lease expiry. the compact 500 sqm site supports a well‑planned mid‑rise block delivering quality flats targeted at professionals and corporate renters, provided design respects estate character and parking standards.
why this opportunity is attractive
- strategic location: ilupeju estate is an established residential/commercial node with excellent connectivity to ikeja, apapa and lagos mainland markets.
- short construction cycle: 12‑18 month construction window supports quick operational ramp‑up and revenue generation.
- low premium: ₦6m upfront premium reduces initial capital outlay relative to outright purchase.
- flexible design: developer can propose unit mix (e.g., 1‑ & 2‑bed flats or a mix including 3‑beds) to match market demand while ensuring adequate parking and open space.
- bot structure: enables developer to operate and monetise the asset during the lease term, with clear exit at transfer.
design & planning brief (key requirements)
- block of flats across appropriate storeys (subject to estate/local planning regulations) --- number of flats flexible but density must be reasonable and consistent with ilupeju estate character.
- adequate on‑site parking provision (minimum required by lagos planning codes and estate rules) plus visitor parking. consider basement/ground parking or efficient stack/marked bays.
- provide appropriate setbacks, landscaping and refuse management areas.
- ensure adequate water and power provisions (borehole, overhead tank, generator/es) in design for reliable operations.
- fire safety, access for emergency vehicles and waste disposal must be included in design.
- compliance with estate covenants and lagos state planning/approval processes required.
suggested commercial/lease structure (examples to negotiate)
- lease term: 20 years (fixed) with defined construction milestone schedule and handover process.
- premium: ₦6,000,000 payable upfront
- rent/royalty: depending on bot terms, a recurring rent, revenue share or service charge may be agreed during the operating phase.
- transfer: full transfer of the completed building to landowner at lease expiry or earlier if agreed.
- performance guarantees: bank guarantees/retention for construction defects and compliance; insurance cover during construction and operation.
- exit and extension: option to negotiate right of first refusal for lease extension or purchase at pre‑agreed terms (optional).
due diligence & documentation checklist (recommended)
- confirm land title and authority to grant a development lease (certificate of occupancy or other title documents).
- obtain site survey/plan and confirm exact 500 sqm boundaries.
- request estate rules, deed covenants and any restrictive conditions for ilupeju estate.
- clarify statutory planning parameters (permissible height, coverage, parking standards) with lagos state planning authority.
- verify availability of utilities (power, water, drainage) and connection costs.
- review environmental/site condition and geotechnical report if available.
- confirm tax, rates and any outstanding liabilities on the land.
commercial terms & approvals to finalise
- detailed heads of terms including premium payment schedule, construction milestones, facilitation fee- n10m, insurance, defect liability and handover conditions.
- construction programme and approved design & specifications to be agreed prior to commencement.
- security/guarantee mechanisms for timely delivery and compliance.
- approval process with estate management and lagos state planning authority to secure necessary permits.
next steps --- how to proceed
1. submit expression of interest (eoi) with company profile, sample deliverables and relevant development track record.
2. request full property dossier and certified title/survey documents.
3. arrange site inspection and meeting with the landowner/estate representatives.
4. prepare preliminary concept design and projected construction programme for discussion.
5. negotiate and sign heads of terms, pay agreed premium/agency fee, then commence statutory approvals and construction mobilization.
contact: mr. kola adesina (edba)
all detailed documentation and commercial discussions will be provided on a confidential basis and subject to a signed nda.
serious proposals only.
*how we work*
tell us your needs (budget, location, size).
our team reviews your request and assigns a dedicated relationship manager.
we only source conflict-free land and properties with clear titles.
we conduct due diligence and arrange site visits.
viewings are by appointments only
finalize purchase, rental or lease with legal support.
*please feel free to browse our other featured properties*
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More details
₦6,000,000
The Build Centre Properties
09028190510
