Jv opportunity ---
1,270 sqm akin adeshola st, victoria island, lagos ---
land value ₦4,500,000,000
land certificate
summary
prime 1,270 sqm victoria island site with land certificate offered for a 50:50 joint venture to deliver a 14‑storey development (ground + 1st floors dedicated to parking).
facilitator's fee: 10% of land value (₦450,000,000).
key facts (clear & factual)
- location: akin adeshola street, victoria island, lagos (core vi commercial/residential corridor).
- land size: 1,270 sqm.
- title: land certificate (to be provided for verification).
- stated land value: ₦4,500,000,000.
- implied land price: ≈ ₦3,543,307 per sqm.
- proposed structure: joint venture (jv) --- 50:50 equity/share of development returns.
- facilitator's fee: 10% of land value (₦450,000,000) as stated.
- concept: 14 floors total; ground and first floor to be used exclusively for parking. remaining floors for approved residential / commercial use (exact mix to be agreed).
project concept --- development brief (as proposed)
- total storeys: 14 (g + 13). ground (g) + 1st floors are parking levels. floors 2--13 (12 floors) plus roof-level services/plant available for revenue-generating use depending on planning.
- suggested product mix options (developer to confirm with feasibility/planning):
- premium residential condominium: apartments from 1‑3 bedrooms; penthouse units on top floors.
- mixed-use: retail/amenity at lower commercial floors (subject to local planning), premium office or serviced apartments above.
- boutique hotel/serviced residence (operator dependent).
- parking provision (illustrative): if building footprint ~800--900 sqm, a single parking level could deliver ~30--36 vehicles (including circulation). with two parking levels, estimated parking capacity ≈ 60--72 vehicles --- actual capacity depends on footprint, ramp design and local parking standards.
indicative development capacity --- illustrative (requires confirmation via planning/far)
- illustrative net buildable gfa range: dependent on lagos state planning far/plot ratio and setbacks. example scenarios (for initial financial modelling only):
- conservative footprint assumption 800 sqm × 14 floors = 11,200 sqm gfa (with 2 floors parking net revenue floors ~9,600 sqm).
- higher far scenario increases total gfa --- developer to confirm allowable gfa with planning authority.
- unit count example (residential): if average net unit size (incl. parking/share of common) = 90--120 sqm, the project could yield ~80--110 residential units (subject to final mix, gfa and planning).
commercial & jv terms (explicit)
- equity split: 50:50 (landowner : developer).
- land valuation used for jv accounting: ₦4,500,000,000.
- facilitator fee: 10% of land value payable as agreed (₦450,000,000) --- confirm payment mechanics and timing in term sheet.
- developer to provide capex, project management, construction financing and marketing; returns/profits split 50:50 after recovery of developer costs and agreed fees (exact waterfall to be negotiated and included in jv agreement).
- relocation or other owner requirements (if any) to be documented and costed as part of commercial terms.
due diligence documents to request / expect
from owner (to be provided for review):
- original land certificate and certified copy.
- survey / site plan and coordinates.
- evidence of payment of land rates and receipts.
- any prior consents, planning correspondence or restrictions.
- id and proof of authority of signatory.
from developer (to present to owner):
- company cac documents, tax clearance, proof of balance sheet strength or bank comfort letter.
- developer portfolio and cvs of key management/technical team.
- proposed jv term sheet and preliminary concept massing.
technical & planning checks recommended (immediate)
- confirm zoning, allowable far/plot ratio, building height limits and parking standards with lagos planning authority.
- topographic and boundary verification (pegging).
- geotechnical/soil investigation.
- preliminary traffic and parking study given two-level parking proposal.
- utilities/mep capacity check (power, water, storm drainage, telecom).
commercial & legal points to agree early
- detailed jv term sheet including: capital contributions, development budget, developer fee, promoter's fee, payment waterfalls, profit distribution timing, off‑plan sales allocation, governance, board composition and exit/buy‑out mechanisms.
- facilitator fee mechanics (who pays, when, and tax implications).
- how the land value is accounted in the jv company (capital contribution valuation and stamp duty implications).
- dispute resolution, warranties and indemnities (title warranty, encumbrances).
- timing for commencement, securing permits and practical completion targets.
indicative timeline (subject to negotiation & approvals)
- nda and submission of developer credentials & pof: immediate.
- preliminary site visit and title verification: 1--2 weeks.
- planning pre‑application / confirmation of far & permissible use: 2--6 weeks.
- legal & technical due diligence: 2--4 weeks (concurrent).
- term sheet finalisation and signing: 1--3 weeks after due diligence.
- jv/shareholders agreement and project company setup: 3--6 weeks.
- construction period: to be defined in project programme (subject to scope & financing).
risks & mitigants (matter‑of‑fact)
- planning constraints: verify allowable gfa early; mitigant: pre-application with planning authority and engage local planning counsel.
- title risk: verify land certificate and conduct registry search; mitigant: seller warranty, title indemnity and escrow arrangements.
- facilitator fee size: clarify who bears the facilitator fee (owner or developer) and document payment terms to avoid post-agreement disputes.
- financial execution: ensure developer has committed finance lines; mitigant: bank comfort letters, escrowed deposits and phased milestone payments.
target jv partner profile
- established developer with track record on victoria island / lagos high-end residential or mixed‑use projects.
- access to construction finance or equity partners and credible sales/marketing channels.
- ability to mobilise technical team (architect, qs, contractor, mep) and obtain planning approvals promptly.
call to action --- next steps
1. submit loi and developer credentials + proof of funds / bank comfort letter.
2. sign nda and request certified land certificate and survey pack.
3. arrange site inspection and meet owner to confirm jv expectations (facilitator fee, payment timing).
4. conduct planning pre-application, legal & technical due diligence; produce term sheet and proceed to jv agreement if acceptable.
contact: mr. kola adesina (edba)
all detailed documentation and commercial discussions will be provided on a confidential basis and subject to a signed nda.
serious proposals only.
*how we work*
tell us your needs (budget, location, size).
our team reviews your request and assigns a dedicated relationship manager.
we only source conflict-free land and properties with clear titles.
we conduct due diligence and arrange site visits.
viewings are by appointments only
finalize purchase, rental or lease with legal support.
*please feel free to browse our other featured properties*
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