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)
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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.
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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.
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️ 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.
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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.
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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.
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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 reco...
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