2,491 Sqm Joint Venture Akin Olugbade Street, Vi

Joint Venture Development Opportunity -- Akin Olugbade Street, Victoria Island, Lagos
2,491 SQM Land Value: ₦8 Billion Approvals & Drawings in Place for 9-Storey Luxury Apartments Potential for Mixed-Use & Up to 15 Floors 50:50 Sharing Facilitator's Fee: 5%

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Property & JV Overview

- Location: Akin Olugbade Street, Victoria Island, Lagos.
- Land Size: 2,491 SQM.
- Title: To be verified (C of O / Governor's Consent expected for VI).
- Land Value: ₦8,000,000,000 (≈ ₦3.21 Million per SQM).
- Current Approvals: Planning approval and architectural drawings already in place for a 9‑storey block of luxury apartments.
- Upside Potential: Site can accommodate mixed‑use development and up to 15 floors (subject to further approvals).
- JV Sharing Formula: 50:50 (landowner : developer).
- Facilitator's Fee: 5% of property value (₦400 Million), payable upon JV agreement.

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Key Highlights

- Prime Victoria Island Address: Akin Olugbade Street is a well‑regarded residential/commercial street in the heart of VI, close to Ahmadu Bello Way, Eko Atlantic, and major corporate offices.
- Approvals & Drawings Ready: A significant time and cost advantage -- the site already has planning permission and designs for a 9‑storey luxury apartment block. This reduces pre‑development risk and accelerates time to market.
- Expansion Potential: The site can support up to 15 floors and mixed‑use (e.g., ground floor retail, offices, or penthouses), offering flexibility for a higher‑density, higher‑return project.
- 50:50 Equal Partnership: A transparent, balanced JV structure that aligns the interests of both landowner and developer.
- Reduced Facilitator Fee: At 5% (compared to the typical 10%), this lowers transaction costs for both parties.

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️ Development Vision

The existing approvals provide a clear starting point:

- Current Design: 9‑storey luxury apartment building -- likely comprising 2‑3 bedroom flats, penthouses, and high‑end finishes.
- Potential Expansion: With additional approvals, the project could be scaled to:
- 15 floors (residential tower).
- Mixed‑use (e.g., ground floor retail/office + residential above).
- Increased unit count and higher overall returns.

Target Market: High‑net‑worth individuals, corporate executives, expatriates, and luxury renters/buyers in Victoria Island.

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Location Benefits -- Akin Olugbade Street, VI

- Heart of Victoria Island: Minutes from Ahmadu Bello Way, Ozumba Mbadiwe, and the entrance to Eko Atlantic.
- Prestige Address: Surrounded by banks, embassies, luxury hotels, and corporate headquarters.
- Excellent Infrastructure: Good roads, security, power, and drainage -- a fully developed urban environment.
- High Demand: Luxury apartments in this micro‑location consistently achieve strong occupancy and premium pricing.

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Financial Structure

- Land Contribution Value: ₦8 Billion.
- Developer's Role: Provide 100% of construction financing, project management, and sales/letting.
- Profit Sharing: 50% Landowner / 50% Developer -- after recovery of agreed development costs.
- Facilitator's Fee: 5% of land value (₦400 Million), typically paid from the landowner's share upon signing the JV agreement.

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Next Steps for Qualified Developers

Interested development partners should submit:

1. Letter of Intent (LOI) -- expressing interest and outlining initial thoughts.
2. Company Profile -- with verifiable track record of luxury apartment or high‑rise projects in Victoria Island, Ikoyi, or Banana Island.
3. Proof of Funds -- bank statements or financing letters demonstrating capacity to fund a project of this scale.
4. Source of Funds -- for due diligence and compliance.
5. Preliminary Concept Note -- how you would leverage the existing approvals and potentially expand to 15 floors or mixed‑use.

Due Diligence:

- Upon signing an NDA, the facilitator will provide title documents, existing approvals, and architectural drawings for review.
- Site inspection can be arranged for serious parties.

Ideal Partner Profile:

- A reputable real estate development firm with experience in luxury high‑rise projects on Lagos Island.
- Strong balance sheet and ability to finance construction without relying solely on off‑plan sales.

Approvals ready. Drawings ready. 50:50 partnership. Reduced facilitator fee. A streamlined JV opportunity in Victoria Island.
Serious developers with island track record only -- proof required.