Premium 1340sqm Of Land For Joint Venture On Offer

JOINT VENTURE OPPORTUNITY
1,340 sqm Prime Land, Osapa‑Lekki
Governor's Consent
Land Value ₦800,000,000 ---
Owner Relocation Premium

Summary
1340 sqm development site in Osapa, Lekki with Governor's Consent. Owner is open to joint‑venture or sale; indicated land value ₦800M. Owner relocation is required as the premium (to be agreed).
Proposal structure: open --- developer/partner sought to execute high‑value residential or mixed‑use scheme.

Key facts (concise & factual)

- Location: Osapa, Lekki (high-demand residential/commercial corridor; proximate to Lekki Phase 1/2 and major amenities).
- Land size: 1,340 sqm (0.134 ha).
- Title / entitlement: Governor's Consent (documents available for verification).
- Vendor position: Open to JV or outright purchase; land value stated at ₦800,000,000.
- Premium requirement: Owner to be relocated as part of the deal (relocation cost/alternative accommodation to be negotiated and included in commercial terms).
- Proposal: Open --- vendor welcomes a variety of structuring options (land‑for‑equity, profit share JV, land sale + relocation fee, build‑to‑sell/lease).

Implied pricing (for reference)

- Stated land value: ₦800,000,000.
- Implied price per sqm (for straight sale comparison): ≈ ₦597,015 / sqm.

Why this site is attractive

- Osapa is a sought‑after Lekki micro‑market with strong demand for premium residential product, boutique apartments and low‑rise luxury townhouses.
- Site size (1,340 sqm) is well-suited for high-margin, medium-density developments (townhouse cluster, boutique apartment block, small mixed‑use).
- Governor's Consent in place reduces title transfer delays compared with raw consent issues; attractive to institutional developers who require clean documentation.
- Flexible vendor stance allows creative JV structures that can accelerate entry and reduce upfront cash outlay.

Highest‑and‑best‑use (recommended)

- Boutique low-rise residential development: 6--12 luxury townhouses or ~20--40 high-end apartment units depending on FAR and approvals.
- Small mixed‑use: ground-floor retail / offices with residential units above.
- Serviced apartments / executive rental product for corporate/leisure demand.
- Owner-occupier development or landbank for capital appreciation.

Suggested JV structures (illustrative; vendor open to proposals)

1. Land‑for‑equity (common)
- Owner contributes land (valued at ₦800M) as equity; developer contributes capex and development management.
- Equity split depends on capex requirement; common starting range: land‑owner 20--40% equity (negotiable).
- Relocation premium handled as an additional cash payment or allocation of finished unit(s) to owner.
2. Profit‑share JV (preferred by some owners)
- Joint development agreement: profits split after cost recovery; owner receives relocation premium as pre‑approved cost or out of seller receipts.
- Developer funds construction; owner receives agreed % of net profit (e.g., 30--50% depending on inputs).
3. Sale + Relocation Fee
- Straight sale at ₦800M plus negotiated relocation fee (cash or property). Good for buyers who prefer ownership without JV complexity.
4. Build‑and‑sell with Owner Buy‑in
- Developer builds, owner given option to buy specific units at preferential rate as part of relocation arrangement.

Note: exact structure, relocation mechanics and tax treatment to be agreed and reflected in term sheet.

Key commercial considerations to agree early

- Relocation premium: define whether relocation is cash, alternative property, or provision of agreed unit(s) in finished development; quantify cost and timing.
- Valuation base: confirm the land valuation and whether VAT, stamp duty, capital gains or other taxes apply.
- Governance: management of project company, board composition, decision thresholds, appointment of contractors and operator.
- Cost allocation & waterfall: clear definition of capital recovery, developer fees, promotion fee and profit waterfall.
- Title and transfer mechanics: confirm how land contribution or sale will be effected given Governor's Consent.

Due diligence & documents buyer/developer should request

- Certified Governor's Consent documentation and any supporting approvals.
- Survey plan, site plan, and boundary confirmations.
- Chain of ownership / conveyance documents and evidence of possession.
- Land rate and tax receipts; search for encumbrances or caveats.
- Zoning / land use classification and permissible FAR/building heights from Lagos planning authority.
- Topographic, geotechnical (soil) and drainage reports (if available).
- Utility availability report (power, water, drainage, telecoms) and road access details.
- Any pending disputes, leases or third‑party rights.
- ID and authentication of the owner and authority to enter JV.

or phased).

Buyer / partner profile (ideal)

- Experienced boutique developer comfortable with high‑end residential product in Lekki.
- Consortium (developer + capital partner) able to fund construction or secure developer finance.
- Investor willing to structure creative land‑for‑equity deals and manage owner relocation sensitively.
- Operators (serviced apartments/hospitality groups) seeking small, well‑located asset.

Transaction process --- recommended next steps

1. Submit formal expression of interest (EOI) and proof of capacity (POF / bank comfort letter).
2. Sign NDA and request certified title and Governor's Consent pack.
3. Arrange site visit and meet owner to clarify relocation expectations.
4. Conduct legal and technical due diligence; prepare preliminary concept and pro‑forma.
5. Negotiate and sign term sheet outlining structure, relocation premium, timelines and milestones.
6. Draft and execute JV Agreement or SPA; mobilise to commencement per agreed programme.

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.

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Viewings are by appointments only
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