Joint venture opportunity -- banana island, ikoyi, lagos
2,000 sqm lagos state c of o mixed zone land value: ₦4m per sqm proposed: high-rise premium: ₦300m sharing: open facilitator's fee: 10%
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property & jv overview
- location: banana island, ikoyi, lagos (mixed zone -- allows for residential and select commercial uses).
- land size: 2,000 sqm.
- title: lagos state certificate of occupancy (c of o) -- the strongest state‑issued title for this exclusive island.
- land value: ₦4,000,000 per sqm.
- total land value: ₦8,000,000,000.
- premium: ₦300,000,000 (payable upon jv contract signing).
- proposed development: high‑rise (specific height/storeys to be determined based on planning approvals).
- jv sharing formula: open for discussion (landowner : developer ratio to be negotiated).
- facilitator's fee: 10% of land value (₦800 million), payable upon jv agreement.
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key highlights
- africa's most exclusive address: banana island is the pinnacle of luxury living in nigeria -- unparalleled security, underground utilities, waterfront views, and prestige.
- mixed zone flexibility: permits high‑rise residential and certain commercial uses (e.g., boutique hotel, corporate guest house, medical suites) -- maximizing development options.
- strong lagos state c of o: full government‑issued title -- bankable, transferable, and legally secure.
- high‑rise potential: the site's location and zoning support a landmark tower, subject to necessary approvals.
- upfront premium: ₦300m payable at contract signing -- ensures a serious, well‑capitalized development partner.
- open sharing ratio: allows for tailored negotiation based on developer's proposed investment, construction cost, and risk allocation.
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️ development potential
given banana island's mixed zone and high‑value context, potential concepts include:
- ultra‑luxury residential tower -- penthouses, full‑floor apartments, and duplexes.
- boutique hotel or branded residences -- partnering with an international hospitality brand.
- mixed‑use high‑rise -- ground floor retail/gallery, upper floors residential, rooftop amenities.
- corporate headquarters for a multinational or institutional investor.
- medical wellness centre with luxury apartments above.
design notes: high‑rise construction on banana island requires adherence to estate covenants, setback rules, and height restrictions -- the mixed zone may permit taller structures than pure residential zones.
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location benefits -- banana island, ikoyi
- unmatched prestige: home to billionaires, diplomats, and top executives -- addresses command ultimate respect.
- world‑class infrastructure: 24/7 security, underground electricity, piped water, paved roads, central drainage.
- waterfront environment: man‑made island with lagoon views and potential for marina access.
- proximity to business hubs: minutes from ikoyi, victoria island, and eko atlantic.
- high demand, low supply: new development opportunities on banana island are exceptionally rare.
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financial structure
- land contribution value: ₦8 billion.
- premium (upfront): ₦300 million -- payable to landowner immediately upon signing the jv contract.
- developer's role: provide 100% of construction financing, bank guarantee (likely), project management, and sales/letting.
- sharing formula: open -- to be negotiated based on total project cost, developer's risk, and expected returns. typical models include:
- 60:40, 55:45, or 50:50 in favor of landowner.
- tiered sharing based on sales milestones.
- facilitator's fee: 10% of land value (₦800 million), typically paid from landowner's share upon jv execution.
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next steps for qualified developers
interested developers should submit:
1. letter of intent (loi) -- expressing interest and confirming ability to meet premium payment.
2. company profile -- with verifiable evidence of luxury high‑rise projects (10+ floors) in prime lagos locations (banana island, ikoyi, victoria island).
3. proof of funds -- bank statements or financing letters showing capacity for a project of this scale (construction cost estimated ₦20b--₦40b+).
4. bank guarantee -- ability to provide a performance guarantee as required.
5. preliminary concept note -- initial vision for the high‑rise (height, unit mix, amenities, timeline) and proposed sharing ratio.
due diligence:
- upon signing an nda and agreeing to terms, the facilitator will provide c of o, survey, and estate approvals.
- site inspection can be arranged for serious principals.
ideal partner profile:
- top‑tier real estate developer with a proven record in ultra‑luxury high‑rises on banana island or ikoyi.
- strong financial capacity and access to construction finance.
- experience with mixed‑zone developments is a plus.
banana island land for jv. open sharing. high‑rise potential. serious global‑calibre developers only -- with proof of funds and luxury track reco...
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