Land joint venture
18 Units Comprising 2-Bedroom Flats and 3-Bedroom Penthouses.
Joint Venture Opportunity -- Prime Land in Lekki Phase 1, Lagos 890 SQM Governor's Consent Title Land Value: ₦1.7 Billion Premium: ₦100 Million Proposed: 18 Units (2-Bed & 3-Bed Penthouses) 50:50 Sharing Facilitator's Fee: 10% Property & JV Overview - Location: Huponu Wusu, Lekki Phase 1, Lagos. - Land Size: 890 SQM. - Title: Governor's Consent. - Land Value: ₦1,700,000,000 (≈ ₦1.91 Million per SQM). - Premium: ₦100,000,000 (payable upon JV contract signing). - Proposed Development: 18 units comprising 2-bedroom flats and 3-bedroom penthouses. - Sharing Formula: 50:50 (landowner : developer). - Facilitator's Fee: 10% of land value (₦170 Million), payable upon JV agreement. - Status: Vacant land, ready for a joint venture development. Key Highlights - Prime Lekki Phase 1 Address: Huponu Wusu is a highly desirable, secure, and well-developed street in the heart of Lekki Phase 1, surrounded by luxury estates. - Clear and Efficient Development Blueprint: The proposal for 18 units (a mix of 2-bed flats and 3-bed penthouses) is an excellent use of the 890 SQM plot, maximizing vertical space for high returns. - Balanced 50:50 Sharing: A fair and transparent partnership structure that aligns the interests of both the landowner and the developer. - Strong Title Security: Governor's Consent provides a solid legal foundation, ensuring a smooth path for securing building approvals and financing. - High Demand for Premium Units: Penthouses and high-spec 2-bedroom flats in Lekki Phase 1 are highly sought after by young professionals, expatriates, and high-net-worth individuals, ensuring strong pre-sales and rental demand. Development Potential - Multi-Storey Apartment Block: Given the land size and unit count (18 units), the developer will likely build a 4- to 5-storey structure with ground-floor parking. - Unit Mix: A strategic blend of 2-bedroom flats and exclusive 3-bedroom penthouses on the top floors. - Amenities: Secure lobby, elevator, backup power, water treatment, and modern security systems. - Target Market: Corporate executives, returning diaspora, and investors seeking premium rental yields in Lekki Phase 1. Location Benefits -- Huponu Wusu, Lekki Phase 1 - Prestige & Security: A quiet, tree-lined street with 24/7 security presence, offering a serene environment away from main road noise. - Central Connectivity: Minutes from Admiralty Way, Freedom Way, Victoria Island, and Ikoyi. - Proximity to Amenities: Close to top schools, hospitals, shopping centres, restaurants, and leisure spots. - High Appreciation: Land and property values in Lekki Phase 1 remain highly resilient due to limited supply and unwavering demand. Financial Structure - Land Contribution Value: ₦1.7 Billion. - Premium (Upfront): ₦100 Million -- payable to the landowner upon JV contract signing. - 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 (₦170 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 ₦100M premium and 50:50 sharing structure. 2. Company Profile -- with verifiable evidence of residential apartment or mixed-use projects completed in Lekki, Victoria Island, or Ikoyi. 3. Proof of Funds -- bank statements or financing letters demonstrating capacity to fund the construction of 18 premium units. 4. Preliminary Concept Note -- initial design thoughts and timeline aligned with the 2-bed and 3-bed penthouse proposal. Due Diligence: - Upon signing an nda and facilitator fee agreement, the facilitator will provide title documents (Governor's Consent), survey, and arrange a site inspection. Ideal Partner Profile: - A reputable real estate development firm with a proven track record in mid-rise residential projects. - Strong financial capacity and ability to fund construction without sole reliance on off-plan sales. Lekki Phase 1 JV -- 890 SQM, 18 Units Proposed, ₦1.7B Land Value, ₦100M Premium, 50:50 Sharing. A highly viable and lucrative partnership opportunity. Direct mandate -- serious developers with capacity and track record only.
