Residential land joint venture
1, 323 SQM Joint Venture
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.