Joint venture opportunity -- prime land on freedom way, lekki phase 1, lagos
1,284 sqm along freedom way 50:50 sharing formula 24 flats proposed facilitator's fee: 10%
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property & jv overview
- location: freedom way, lekki phase 1, lagos.
- land size: 1,284 sqm.
- title: to be verified (c of o / governor's consent expected).
- proposed development: 24 flats (mix of 2 & 3 bedrooms typical for this corridor).
- joint venture sharing formula: 50:50 (landowner : developer).
- facilitator's fee: 10% of land value (payable upon jv agreement).
- status: vacant land, ready for partnership and immediate development.
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key highlights
- prime freedom way address: located on one of lekki phase 1's most important arteries, close to admiralty way, orange island, and major commercial hubs -- ensures high demand and premium pricing.
- clear 50:50 jv structure: equal profit sharing simplifies negotiations and aligns interests between landowner and developer.
- defined unit count (24 flats): provides a clear development brief for feasibility studies, architectural design, and financial modeling.
- optimal density for the site: 24 flats on 1,284 sqm (≈18.7 units per 1,000 sqm) is realistic for a mid‑rise apartment block with parking and amenities, subject to planning approval.
- highly desirable location: freedom way is well‑known, well‑lit, and accessible, attracting high‑income tenants and buyers.
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️ development potential
- a modern apartment building comprising 24 flats (e.g., 12 x 2‑bedroom + 12 x 3‑bedroom, or a mix including 1‑bedroom units).
- typical specifications: ground floor parking, 4--5 residential floors, rooftop terrace, backup power, water treatment, and modern finishes.
- target market: professionals, expatriates, and families seeking quality rental or ownership options in lekki phase 1.
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location benefits
- freedom way, lekki phase 1: a prime residential‑commercial corridor with excellent road network, 24/7 security, and proximity to banana island, ikoyi, and victoria island.
- nearby amenities: close to banks, supermarkets (shoprite, justrite), hotels (eko, four points), schools, and restaurants.
- high occupancy rates: developments in this area consistently achieve strong rental yields and capital appreciation.
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jv financial structure
- landowner contribution: the land (valued at market rate -- to be agreed).
- developer contribution: 100% of construction financing, project management, and sales/letting.
- profit sharing: 50% to landowner / 50% to developer.
- facilitator's fee: 10% of the agreed land value, typically paid from the landowner's share upon successful closure of the jv agreement.
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next steps for interested developers
interested and qualified development partners should:
1. submit a formal expression of interest including:
- company profile and track record (especially apartment projects in lekki/vi/ikoyi).
- proof of financial capacity (bank statements, facility letters).
- preliminary concept note on how you would execute a 24‑flat scheme on 1,284 sqm.
2. sign a non‑disclosure agreement (nda) to access full property details and title documents.
3. conduct due diligence: title verification at the lagos state lands bureau, site inspection, feasibility study.
4. negotiate and sign the jv agreement, including the facilitator's fee structure.
ideal partner profile:
- mid‑sized to large real estate developer with a proven record in multi‑storey residential projects.
- strong balance sheet and ability to fund construction without relying on off‑plan sales.
- experience in lekki phase 1 or similar high‑value corridors.
a clear 50:50 jv on freedom way -- a straightforward path to a profitable apartment development. serious developers on...
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