4,947 Sqm Joint Venture Prime Vacant Land On Banana Island, Ikoyi

Joint Venture Development Opportunity Prime Vacant Land on Banana Island, Ikoyi
4,947.766 SQM C of O Title Land Value: ₦4M/SQM Proposed: Flats, Maisonettes & Penthouses

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Property & Proposal Overview

- Location: Residential Area, Banana Island, Ikoyi, Lagos.
- Land Size: 4,947.766 SQM of vacant land.
- Title: Certificate of Occupancy (C of O).
- Land Value: ₦4 Million per SQM.
- Total Land Value: ₦19.791 Billion.
- Owner's Proposal: Development of Flats, Maisonettes, and Penthouses across 6 floors.
- Visual Proposal: Detailed architectural animations and plans available upon request.
- JV Structure: 50:50 Sharing Ratio based on land value vs. total project development cost.
- Premium: Nil.
- Facilitator's Fee: 10% of the total land value.
- Mandate: Dealing directly with the authorized representative.

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Key Highlights

- Africa's Most Exclusive Address: A rare opportunity to develop on Banana Island, the pinnacle of luxury living in Nigeria, known for its unparalleled security, infrastructure, and prestige.
- Substantial & Vacant Parcel: Over 4,900 SQM of clear land provides immense flexibility for a low-rise, high-density luxury residential estate, maximizing the unit yield on this coveted island.
- Clear Development Vision: The owner has a defined proposal for a mix of flats, maisonettes, and penthouses, providing a clear starting point for design and feasibility.
- Equitable Partnership: A proposed 50:50 sharing ratio indicates a partnership seeking a balanced and fair collaboration between landowner and developer.
- Premium C of O Title: Ownership is backed by a Certificate of Occupancy, the strongest form of title for such an asset.

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️ Development Potential

The proposal outlines a premium, low-to-mid-rise residential community ideal for the Banana Island context:

- Unit Mix: A combination of luxury flats, spacious maisonettes (duplex units), and exclusive penthouses.
- Scale: A 6-floor structure allows for a significant number of units while maintaining the aesthetic and density norms of the island.
- Amenities: Expected to include premium finishes, private parking, recreational facilities (pool, gym, clubhouse), and 24/7 concierge-level security.
- Target Market: Ultra-high-net-worth individuals, corporate executives, and expatriates seeking the ultimate in secure, luxurious island living.

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Location & Market Context

- Unmatched Prestige & Security: Banana Island is a meticulously planned, man-made island with controlled access, underground utilities, and round-the-clock security, offering an unrivaled living environment.
- Proven Value Appreciation: Real estate on Banana Island consistently commands the highest prices per square meter in Nigeria and shows resilient, long-term capital growth.
- Strong Rental Demand: There is consistent and high demand for premium rental properties on the island from both local and international tenants.
- Market Justification: The land value of ₦4M/SQM is aligned with the premium for titled, vacant land in the most exclusive residential enclave in West Africa.

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Financial Structure & JV Model

- Total Land Contribution Value: ₦19.791 Billion.
- Partner Contribution: The development partner is expected to provide 100% of the construction financing, project management, and sales expertise.
- Ownership Split: 50% to Landowner, 50% to Development Partner, based on the land value versus the total developed project cost (construction, soft costs, marketing, etc.).
- Project Scale: A luxury development of this size on Banana Island represents a multi-billion Naira project with potential for exceptional returns.

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Next Steps for Qualified Development Partners

This is a definitive call for a partner capable of executing a world-class project on the most prestigious island in Africa.

To Express Serious Interest, Provide:

1. Corporate Profile & Proven Track Record: Evidence of completed luxury residential projects, especially in high-value locations like Ikoyi, VI, or Banana Island.
2. Financial Capability: Demonstrable proof of funds or financing capacity for a project of this magnitude.
3. Initial Feasibility Alignment: A preliminary response to the 6-floor flats/maisonettes/penthouses proposal.
4. Request for Animation: Ask to review the available visual proposal to fully understand the scope.

Mandatory Due Diligence First Steps:

- Title Verification: Immediate verification of the C of O at the Lagos State Lands Bureau is the absolute first step.
- Site Inspection & Feasibility: Conduct a detailed topographic survey and engage architects/engineers for a preliminary feasibility study based on the provided animations.
- Legal Framework: Engage a reputable real estate law firm to structure the 50:50 Joint Venture Agreement.

Ideal Partner Profile:

- Top-tier real estate development firm with a portfolio of luxury projects.
- A consortium with strong financial backing and construction expertise.
- An institutional investor with a development arm focused on prime assets.

This is a rare and serious mandate to co-create a landmark residential estate on Banana Island. The 50:50 framework offers a balanced foundation for a landmark partnership.