950 Sqm Of Land

LEKKI PHASE 1 PROPER -- PRIME REDEVELOPMENT OPPORTUNITY
950 SQM 3 Units of Demolishable Duplexes C of O Title
₦1.5 Billion ₦1.58 Million per SQM

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Property Overview

- Location: Lekki Phase 1 Proper, Lagos -- one of the most sought-after residential and commercial addresses on the Lekki Peninsula.
- Land Size: 950 SQM.
- Existing Structures: 3 units of duplexes (demolishable -- ideal for redevelopment).
- Title: Certificate of Occupancy (C of O).
- Asking Price: ₦1,500,000,000.
- Price per SQM: ₦1,578,947.
- Status: Prime land with existing income potential or immediate redevelopment upside.

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Key Highlights

- Lekki Phase 1 Proper: Not Phase 1 extension or fringes---this is core Lekki Phase 1, commanding premium value and instant recognition.
- Redevelopment Goldmine: 950 SQM with C of O in this location is increasingly rare. Existing duplexes can be demolished for a new build, or renovated/leased in the short term while planning approvals are secured.
- Strong Title Security: C of O provides bankable, transferable ownership---ideal for financing and investor confidence.
- Immediate Income Option: The 3 existing duplexes can generate rental income during the design and approval phase for a new development.
- Flexible Potential: Suitable for luxury residential, mixed-use, or commercial redevelopment subject to approvals.

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️ Development Potential

With 950 SQM in Lekki Phase 1, potential uses include:

- Luxury Residential: 3--4 high-end detached villas with gardens.
- Boutique Apartment Block: 12--18 luxury apartments (3--4 floors).
- Mixed-Use: Retail/office on ground floor + residential above.
- Single Landmark Mansion: Expansive family compound with pool and amenities.
- Corporate Guest House: For multinationals or diplomatic missions.

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Market Context

- Per SQM Pricing: At ₦1.58M/SQM, this is positioned within Lekki Phase 1's current land value range (₦1.5M--₦2.2M/SQM depending on exact location and street).
- Comparable Context: Vacant land in core Lekki Phase 1 rarely trades below ₦1.5M/SQM. With C of O and existing structures, this offers both immediate utility and long-term upside.
- Redevelopment Math: Even with demolition costs, the land value alone supports the asking price. The existing duplexes effectively come at no additional cost.

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Investment Angles

- For the Developer: Acquire, demolish, and build a flagship project in prime Lekki Phase 1.
- For the Investor: Hold, collect rental income from existing duplexes, and sell later with planning approval uplift.
- For the Owner-Occupier: Renovate one duplex and live while developing the rest, or build a dream home on one of Lekki's most prestigious grids.

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Ideal For: Developers seeking prime Phase 1 land with title intact; investors wanting income + appreciation; high-net-worth individuals seeking a legacy address.

A rare 950 SQM C of O parcel in Lekki Phase 1 Proper---with 3 duplexes ready for redevelopment or immediate income.