1,323 Sqm Jv Ademola Street South West, Off Awolowo Road, Ikoyi

Joint Venture Opportunity -- Ademola Street South West, off Awolowo Road, Ikoyi, Lagos
1,323 SQM Governor's Consent Title Land Value: ₦2.5M per SQM Proposed: 10 Floors (Blocks of Flats) Sharing: 55/45 Premium: ₦200M Facilitator's Fee: 10% (NET)

---

Property & JV Overview

- Location: Ademola Street South West, off Awolowo Road, Ikoyi, Lagos. A prime, quiet residential street in one of Ikoyi's most prestigious neighbourhoods.
- Land Size: 1,323 SQM.
- Title: Governor's Consent -- strong, state‑granted title ensuring legal security and bankability.
- Land Value: ₦2,500,000 per SQM.
- Total Land Value: ₦3,307,500,000 (≈ ₦3.31 Billion).
- Proposed Development: 10 floors of residential flats (blocks of flats).
- JV Sharing Formula: 55% Landowner / 45% Developer.
- Premium: ₦200,000,000 (payable immediately upon JV contract signing).
- Facilitator's Fee: 10% (NET) of land value (≈ ₦330.75 Million), payable upon JV agreement.

---

Key Highlights

- Prime Ikoyi Address: Ademola Street, off Awolowo Road, is a highly sought‑after residential enclave -- quiet, secure, and minutes from Falomo, VI, and major business hubs.
- Strong Governor's Consent Title: Provides confidence for financing, partnerships, and future resale.
- 10‑Floor Development Potential: Optimises land value in a low‑density area where high‑rise approvals are valuable.
- Clear 55/45 Sharing Ratio: Favours the landowner, reflecting the prime location and existing approvals.
- Upfront Premium: ₦200M payable at signing -- filters for serious, well‑capitalised developers.
- NET Facilitator Fee: 10% NET implies no deduction for taxes or other costs -- the landowner bears the fee.

---

️ Development Potential

- A 10‑storey residential block of flats -- likely comprising 2‑ and 3‑bedroom luxury apartments.
- Estimated unit count: 20--30 flats (depending on design, floor plates, and setbacks).
- Typical amenities: Ground floor lobby, parking, gym, swimming pool, backup power, water treatment, and 24/7 security.
- Target market: Professionals, expatriates, and families seeking upscale rental or ownership in Ikoyi.

---

Location Benefits -- Ademola Street, Ikoyi

- Off Awolowo Road: One of Ikoyi's main arteries, providing excellent connectivity.
- Proximity to Key Areas: Close to Ikoyi Club, Parkview Estate, Victoria Island, and Lagos Island.
- Secure Environment: Low crime, well‑lit roads, and a prestigious community.
- High Demand: Developments in this area consistently achieve premium rents and capital appreciation.

---

Financial Structure

- Land Contribution Value: ₦3.3075 Billion.
- Premium (Upfront): ₦200 Million -- payable to landowner immediately upon JV contract signing.
- Developer's Role: Provide 100% of construction financing, bank guarantee (likely), project management, and sales/letting.
- Profit Sharing: 55% Landowner / 45% Developer -- after recovery of agreed development costs.
- Facilitator's Fee: 10% NET of land value (≈ ₦330.75 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 acceptance of the 55/45 sharing ratio and premium payment.
2. Company Profile -- with verifiable evidence of luxury high‑rise (10+ floors) projects in Ikoyi, VI, or Banana Island.
3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦8B--₦15B+).
4. Bank Guarantee -- ability to provide a performance guarantee as required.
5. Preliminary Concept Note -- initial design and timeline aligned with a 10‑floor block of flats.

Due Diligence:

- Upon signing an NDA and facilitator fee agreement, the facilitator will provide the Governor's Consent document, survey, and arrange a site inspection.

Ideal Partner Profile:

- A reputable real estate development firm with a proven track record in multi‑storey residential projects in prime Lagos locations.
- Strong financial capacity and ability to fund construction without sole reliance on off‑plan sales.

Ademola Street, Ikoyi -- 55/45 JV, 10 floors, Governor's Consent, ₦200M premium. Serious developers only with proof of funds and luxury track record.