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%
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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.
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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.
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️ 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.
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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.
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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.
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️ 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.
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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.
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adeleke adedoyin, ikoyi -- 2,600 sqm, 38 luxury units, ₦300m premium, 10% facilitator fee. serious developers with capacity and track record on...
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