JV Opportunity --- Victoria Island Development (Akin Olugbade)
Executive Summary
Joint-venture opportunity to develop two (2) blocks of 8‑floor apartment buildings on a 2,504 sqm land parcel located at Akin Olugbade, Victoria Island, Lagos. The site holds a Certificate of Occupancy and is strategically positioned in a high-demand residential and commercial precinct, suitable for premium apartment development targeting high-net-worth and expatriate occupiers.
Key Highlights
- Location: Akin Olugbade, Victoria Island, Lagos
- Land Size: 2,504 sqm
- Title: Certificate of Occupancy (C of O)
- Proposed Development: 2 blocks, 8 floors each (apartment scheme)
- Land Value: ₦3,000,000 per sqm --- Land Valuation: ₦7,512,000,000
- Premium: Nil
- Facilitator's Fee: 10% (payable as per facilitator agreement)
- Agent: Thomas (agt. Thomas)
Property Details
- Parcel: Clear, contiguous 2,504 sqm development site suitable for mid‑to‑high density residential development (subject to planning approvals)
- Accessibility: Prime Victoria Island address with proximity to commercial nodes, amenities and transport corridors
- Surroundings: High‑end residences, corporate offices, hospitality and lifestyle services supporting strong demand for premium apartments
Development Suitability & Opportunities
- Product: Boutique luxury apartments, serviced apartments or mixed residential typologies across two 8‑storey blocks
- Amenities: Potential for resident parking, generator provision, security, gym/clubhouse and landscaped areas to enhance marketability
- Market Positioning: Target HNWIs, corporate tenants, expatriates and investors seeking prime Victoria Island accommodation
- Value Creation: High rental yields and capital appreciation expected given location and limited nearby development land
JV Terms (Indicative)
- Structure: Joint Venture between landowner and developer --- specific equity split to be negotiated based on land valuation, construction financing and contribution of parties
- Land Consideration: Land valued at ₦3,000,000/sqm (total ₦7,512,000,000) with no premium payable
- Facilitator: 10% fee to be governed by Facilitator's Agreement; payable upon agreed milestones (to be defined)
- Approvals & Permits: JV partners to coordinate planning approvals, technical designs, and permits prior to construction start
- Exit/Returns: To be agreed (sale of units, phased release, or rental/asset management model)
Required Documents to Participate
1. Company Profile
2. Letter of Intent (LOI) to participate in the JV
3. Proof of Funds or Letter of Comfort from developer's bank
4. Signed Facilitator's Agreement & Fee arrangement
5. Bank Guarantee (as applicable)
Transaction & Next Steps
- Availability: JV participation open; site and title available for review
- Due Diligence: C of O and supporting documentation available for review by serious interested parties; technical, legal and financial due diligence recommended
- Engagement: Interested developers/investors to submit the Required Documents and request a site visit and meeting with the facilitator/agent (agt. Thomas)
- Negotiation: Following document submission, JV terms, equity split, timelines and financial model will be negotiated and documented in a definitive JV agreement
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