2, 600 SQM Joint Venture

Joint Venture Development Opportunity -- Adeleke Adedoyin, Off Kofo Abayomi Road, Ikoyi, Lagos 2,600 SQM Land Certificate Title Land Value: ₦2.5M per SQM (≈₦6.5 Billion Total) Premium: ₦300M (Slightly Negotiable) Facilitator's Fee: 10% --- Property & JV Overview - Location: Adeleke Adedoyin, Off Kofo Abayomi Road, Ikoyi, Lagos. A prime residential/commercial street in the heart of Ikoyi, close to major business hubs. - Land Size: 2,600 SQM. - Title: Land Certificate -- a recognized title requiring verification and potential upgrade to Governor's Consent for full bankability. - Land Value: ₦2,500,000 per SQM. - Total Land Value: ₦6,500,000,000 (≈ ₦6.5 Billion). - Premium: ₦300,000,000 (slightly negotiable), payable upon JV contract signing. - Proposed Development: Luxury Flats with a total of 38 units across 2 blocks: - Owner's Block (17 Units): 8 units of 2‑bedrooms, 8 units of 3‑bedrooms, 1 penthouse. - Developer's Block (21 Units): Developer's preference (flexible unit mix). - JV Sharing Formula: To be negotiated (likely based on land contribution vs. development cost). - Facilitator's Fee: 10% of land value (≈ ₦650 Million), payable upon JV agreement. - Owner's Special Request: One of the owners requires 2 units of the 2‑bedroom flats to be converted into a maisonette on the 1st & 2nd floors for his personal use. --- Key Highlights - Prime Ikoyi Address: Adeleke Adedoyin, off Kofo Abayomi, is a prestigious, low‑density residential area in the heart of Ikoyi -- close to Victoria Island, Falomo, and major commercial districts. - Large Development Scale: 2,600 SQM allows for a substantial luxury apartment complex with significant unit count (38 total) -- maximizing returns. - Clear Unit Allocation: The owner has a defined allocation (17 units), while the developer has full flexibility on the remaining 21 units -- a balanced partnership structure. - Premium Payment: ₦300M upfront at contract signing -- filters for serious, well‑capitalized developers. - High Demand Location: Ikoyi luxury apartments consistently attract high‑net‑worth individuals, expatriates, and corporate tenants -- ensuring strong sales and rental potential. --- ️ Proposed Development -- 38 Luxury Units Block Units Breakdown Owner's Block 17 8 x 2‑Bed, 8 x 3‑Bed, 1 Penthouse Developer's Block 21 Developer's preference (flexible mix) Special Request -- 2 units of 2‑Bed converted to Maisonette (1st & 2nd floor) for owner Total: 38 luxury units (apartments + maisonette + penthouse). Key Features: High‑spec finishes, parking, gym, pool, backup power, water treatment, and 24/7 security. --- Location Benefits -- Adeleke Adedoyin, Ikoyi - Prestige Address: Off Kofo Abayomi -- one of Ikoyi's most desirable streets, surrounded by luxury homes, embassies, and corporate offices. - Excellent Connectivity: Minutes from Victoria Island, Falomo Bridge, and Lagos Island. - Secure Environment: Low crime, well‑lit roads, and a mature, established neighbourhood. - High Demand: Properties in this area consistently achieve premium rents and capital appreciation. --- Financial Structure - Land Contribution Value: ₦6.5 Billion. - Premium (Upfront): ₦300 Million (slightly negotiable) -- payable to landowner upon JV contract signing. - Developer's Role: Provide 100% of construction financing, bank guarantee, project management, and sales/letting. - Profit Sharing: To be negotiated -- typically based on the ratio of land value to total development cost. - Facilitator's Fee: 10% of land value (≈ ₦650 Million), typically paid from the landowner's share upon JV execution. --- ️ Critical Note -- Land Certificate Title - A Land Certificate is a recognised title but is weaker than a C of O or Governor's Consent. - Implication: The buyer/developer will need to conduct thorough due diligence to: - Confirm authenticity at the Lagos State Lands Bureau. - Understand the lease terms and remaining tenure. - Plan for potential upgrade to Governor's Consent (cost and timeline). - This should be factored into the JV negotiation and financial modelling. --- Next Steps for Interested Developers Interested developers must submit: 1. Letter of Intent (LOI) -- confirming interest and acceptance of the premium and proposed unit allocation. 2. Company Profile -- with verifiable evidence of luxury apartment projects completed in Ikoyi, Victoria Island, or Banana Island. 3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦10B--₦18B+). 4. Bank Guarantee -- ability to provide a performance guarantee as required. 5. Preliminary Concept Note -- initial design and timeline aligned with the proposed 38‑unit luxury development, including the maisonette conversion. Due Diligence: - Upon signing an nda and facilitator fee agreement, the facilitator will provide the Land Certificate, survey, and arrange a site inspection. Ideal Partner Profile: - A reputable real estate development firm with a proven track record in luxury multi‑unit residential projects in prime Lagos locations. - Strong financial capacity and ability to fund construction without sole reliance on off‑plan sales. --- Adeleke Adedoyin, Ikoyi -- 2,600 SQM, 38 luxury units, ₦300M premium, 10% facilitator fee. Serious developers with capacity and track record only.