3,441 Sqm Land

Joint Venture Development Opportunity Prime Land on Glover Road, Old Ikoyi, Lagos
3,441 SQM Federal C of O Title Land Value: ₦3.5M per SQM Proposed: Luxury Apartments

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Property & Proposal Overview

- Location: Glover Road, Old Ikoyi, Lagos. One of the most historically prestigious and exclusive addresses in Nigeria.
- Land Size: 3,441 SQM.
- Title: Federal Certificate of Occupancy (C of O). This indicates the land likely falls under Federal Government allocation, requiring verification through different channels than state titles.
- Land Value: ₦3.5 Million per SQM.
- Total Land Value: ₦12.0435 Billion.
- Owner's Vision: Development of Luxury Apartments.
- Profit Sharing: Open for discussion, to be based on contributions.
- Premium: To Be Determined (TBD).
- Facilitator's Fee: 10% of land value.
- Submission Requirements: Company Profile, Letter of Intent (LOI)/Proposal, Agency Fee Agreement, and Proof of Funds.

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Key Highlights

- Ultra-Prestigious "Old Ikoyi" Address: Glover Road is in the heart of the original, low-density, high-security Ikoyi enclave, home to diplomatic missions and legacy estates. This commands the highest prestige and value.
- Federal Title: A Federal C of O is a significant factor. It requires verification with Federal Ministry of Lands/Works & Housing in Abuja or its Lagos office. This process differs from state titles and must be handled precisely.
- Institutional-Grade Scale: A 3,441 SQM plot in core Ikoyi is exceptionally rare, suitable for a landmark luxury residential development.
- Clear Target Market: The directive for "luxury apartments" aligns perfectly with the location, targeting domestic and international ultra-high-net-worth individuals.

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️ Critical Due Diligence & Procedure

This is a transaction of the highest order, requiring meticulous steps.

Step 1: Title & Legal Verification

- Primary Action: Verify the Federal C of O with the relevant Federal Government authority in Abuja. This is the most critical and unique step for this property.
- Supporting Action: Conduct a comprehensive land search through a lawyer experienced with Federal lands to confirm ownership, check for encumbrances, and understand all covenants.

Step 2: Financial & Capability Preparation

- Proof of Funds: Prepare unencumbered proof of funds or binding financing commitments for a project with a total cost that will significantly exceed the ₦12+ Billion land value.
- Company Profile: Showcase a proven track record of delivering high-rise luxury residential projects in prime locations (Ikoyi, VI, Banana Island).

Step 3: Formal Submission & Negotiation

- Letter of Intent (LOI): Draft a serious LOI outlining your understanding of the deal, proposed JV structure (suggesting a profit-sharing model based on contributions), and commitment to due diligence.
- Agency Agreement: Review the facilitator's agreement carefully before signing, ideally with your lawyer's counsel.
- Proposal: Develop a preliminary architectural concept that respects the "Old Ikoyi" aesthetic while delivering modern luxury.

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Financial & JV Implications

- Landowner's Contribution: Land valued at a minimum of ₦12.0435 Billion (excluding any TBD premium).
- Developer's Contribution: Full construction financing, expertise, and project execution for a ultra-luxury development.
- Project Scale: Total project cost will be a multi-billion dollar endeavor. The profit-sharing discussion will center on the fair valuation of the land versus the total development cost and risk undertaken by the financing partner.

Ideal Partner Profile:

- A top-tier, internationally recognized development firm with a portfolio of global luxury projects.
- A consortium comprising a major developer, an institutional fund, and a luxury brand (hotel or residential).
- An entity with direct experience navigating Federal Government land titles in Nigeria.

This is a call for Nigeria's most capable developers. The combination of location, scale, and Federal title makes this one of the most significant JV opportunities on the market.