2,600 Sqm Joint Venture Adeleke Adedoyin, Off Kofo Abayomi Road, Ikoyi

Joint Venture Development Opportunity -- Adeleke Adedoyin, Off Kofo Abayomi Road, Ikoyi, Lagos
2,600 SQM Land Certificate Title Land Value: ₦2.5M per SQM (≈₦6.5 Billion Total) Premium: ₦300M (Slightly Negotiable) Facilitator's Fee: 10%

---

Property & JV Overview

- Location: Adeleke Adedoyin, Off Kofo Abayomi Road, Ikoyi, Lagos. A prime residential/commercial street in the heart of Ikoyi, close to major business hubs.
- Land Size: 2,600 SQM.
- Title: Land Certificate -- a recognized title requiring verification and potential upgrade to Governor's Consent for full bankability.
- Land Value: ₦2,500,000 per SQM.
- Total Land Value: ₦6,500,000,000 (≈ ₦6.5 Billion).
- Premium: ₦300,000,000 (slightly negotiable), payable upon JV contract signing.
- Proposed Development: Luxury Flats with a total of 38 units across 2 blocks:
- Owner's Block (17 Units): 8 units of 2‑bedrooms, 8 units of 3‑bedrooms, 1 penthouse.
- Developer's Block (21 Units): Developer's preference (flexible unit mix).
- JV Sharing Formula: To be negotiated (likely based on land contribution vs. development cost).
- Facilitator's Fee: 10% of land value (≈ ₦650 Million), payable upon JV agreement.
- Owner's Special Request: One of the owners requires 2 units of the 2‑bedroom flats to be converted into a maisonette on the 1st & 2nd floors for his personal use.

---

Key Highlights

- Prime Ikoyi Address: Adeleke Adedoyin, off Kofo Abayomi, is a prestigious, low‑density residential area in the heart of Ikoyi -- close to Victoria Island, Falomo, and major commercial districts.
- Large Development Scale: 2,600 SQM allows for a substantial luxury apartment complex with significant unit count (38 total) -- maximizing returns.
- Clear Unit Allocation: The owner has a defined allocation (17 units), while the developer has full flexibility on the remaining 21 units -- a balanced partnership structure.
- Premium Payment: ₦300M upfront at contract signing -- filters for serious, well‑capitalized developers.
- High Demand Location: Ikoyi luxury apartments consistently attract high‑net‑worth individuals, expatriates, and corporate tenants -- ensuring strong sales and rental potential.

---

️ Proposed Development -- 38 Luxury Units

Block Units Breakdown
Owner's Block 17 8 x 2‑Bed, 8 x 3‑Bed, 1 Penthouse
Developer's Block 21 Developer's preference (flexible mix)
Special Request -- 2 units of 2‑Bed converted to Maisonette (1st & 2nd floor) for owner

Total: 38 luxury units (apartments + maisonette + penthouse).

Key Features: High‑spec finishes, parking, gym, pool, backup power, water treatment, and 24/7 security.

---

Location Benefits -- Adeleke Adedoyin, Ikoyi

- Prestige Address: Off Kofo Abayomi -- one of Ikoyi's most desirable streets, surrounded by luxury homes, embassies, and corporate offices.
- Excellent Connectivity: Minutes from Victoria Island, Falomo Bridge, and Lagos Island.
- Secure Environment: Low crime, well‑lit roads, and a mature, established neighbourhood.
- High Demand: Properties in this area consistently achieve premium rents and capital appreciation.

---

Financial Structure

- Land Contribution Value: ₦6.5 Billion.
- Premium (Upfront): ₦300 Million (slightly negotiable) -- payable to landowner upon JV contract signing.
- Developer's Role: Provide 100% of construction financing, bank guarantee, project management, and sales/letting.
- Profit Sharing: To be negotiated -- typically based on the ratio of land value to total development cost.
- Facilitator's Fee: 10% of land value (≈ ₦650 Million), typically paid from the landowner's share upon JV execution.

---

️ Critical Note -- Land Certificate Title

- A Land Certificate is a recognised title but is weaker than a C of O or Governor's Consent.
- Implication: The buyer/developer will need to conduct thorough due diligence to:
- Confirm authenticity at the Lagos State Lands Bureau.
- Understand the lease terms and remaining tenure.
- Plan for potential upgrade to Governor's Consent (cost and timeline).
- This should be factored into the JV negotiation and financial modelling.

---

Next Steps for Interested Developers

Interested developers must submit:

1. Letter of Intent (LOI) -- confirming interest and acceptance of the premium and proposed unit allocation.
2. Company Profile -- with verifiable evidence of luxury apartment projects completed in Ikoyi, Victoria Island, or Banana Island.
3. Proof of Funds -- bank statements or financing letters showing capacity for a project of this scale (estimated construction cost ₦10B--₦18B+).
4. Bank Guarantee -- ability to provide a performance guarantee as required.
5. Preliminary Concept Note -- initial design and timeline aligned with the proposed 38‑unit luxury development, including the maisonette conversion.

Due Diligence:

- Upon signing an NDA and facilitator fee agreement, the facilitator will provide the Land Certificate, survey, and arrange a site inspection.

Ideal Partner Profile:

- A reputable real estate development firm with a proven track record in luxury multi‑unit residential projects in prime Lagos locations.
- Strong financial capacity and ability to fund construction without sole reliance on off‑plan sales.

---

Adeleke Adedoyin, Ikoyi -- 2,600 SQM, 38 luxury units, ₦300M premium, 10% facilitator fee. Serious developers with capacity and track record only.