1,040 Sqm Land

Prime Joint Venture Development Opportunity Lekki Phase 1 Right, Lagos
1,040 SQM Proposed Terraces/Block Flats Land Value: ₦1.5B Premium: ₦100M NET

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Property & Proposal Overview

- Location: Lekki Phase 1 (Right Hand Side), Lagos.
- Land Size: 1,040 SQM.
- Land Value: ₦1.5 Billion (≈ ₦1.44 Million per SQM).
- Premium: ₦100 Million NET.
- Total Land Contribution Value: ₦1.6 Billion (₦1.5B Land Value + ₦100M Premium).
- Owner's Proposal: Development of Terraces or Block of Flats.
- Facilitator's Fee: 10% of the land value.
- Status: Marketed as a verified and closable opportunity.

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Key Highlights

- Elite Lekki Phase 1 Right Address: The RHS is among the most exclusive and serene parts of Phase 1, often featuring larger plots, better proximity to the lagoon, and established high-value homes, ensuring strong demand.
- "Verified" Opportunity: The listing's claim of being verified suggests initial due diligence may have been conducted, potentially reducing preliminary risk and accelerating the partnership process.
- Clear Mid-Density Vision: The proposal for terraces or block flats is perfectly suited for the location, targeting the high-demand market for quality family homes and premium rentals in Phase 1.
- Defined Financial Structure: Clear breakdown of land value, NET premium, and facilitator's fee provides transparency for initial financial modeling of the Joint Venture.

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️ Development Potential

The proposal aligns with optimal land use in this prime residential zone:

- Luxury Terraced Houses: 4-6 high-spec terrace units with private entrances and modern amenities.
- Premium Block of Flats: A boutique apartment building with 8-12 units (2-3 bedrooms each).
- Potential Amenities: Private parking, communal gardens, swimming pool, and 24/7 security would be expected in this location.

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Location & Market Context

- Pinnacle of Suburban Luxury: Lekki Phase 1 Right is the definitive address for established, low-density, high-security luxury living in Lagos.
- Market Validation: The land value of ~₦1.44M/SQM is competitive for titled land in this specific micro-market. For comparison, recent listings for bare land in core Phase 1 have ranged from ₦1.2M to over ₦2.5M per SQM, heavily dependent on the exact street and proximity to the lagoon.
- Strong Pre-Sales/Rental Market: End-users and tenants actively seek properties in Phase 1, supporting strong absorption rates and premium pricing for well-executed projects.

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JV Financial Structure

- Landowner's Contribution: Land valued at ₦1.6 Billion (including premium).
- Developer's Contribution: 100% of construction financing, expertise, and project execution.
- Ownership Split: To be negotiated, typically based on the agreed land contribution value versus total developed project cost. A fair market valuation of the land is crucial for this negotiation.
- Project Scale: A quality development here would be a multi-billion Naira project targeting the upper tier of the residential market.

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️ Critical Next Steps for a "Closable" Deal

Even with a "verified" tag, independent due diligence is the foundation of a secure JV.

1. Independent Title Verification: Confirm the authenticity of the title (expect Governor's Consent or C of O) at the Lagos State Lands Bureau.
2. Site & Feasibility Inspection: Visit with your architect and surveyor. Assess topography, access, and validate the proposed development's feasibility.
3. Financial & Legal Structuring: Engage a lawyer to draft a JV agreement that clearly defines roles, contributions, profit-sharing, decision-making, and dispute resolution.
4. Verify the "Verification": Request details on what specific checks have been completed (title search, planning status) and review the documentation.

Ideal Partner Profile:

- Residential development firm with experience in delivering quality terrace houses or apartment blocks in high-value Lagos neighborhoods.
- Investor or consortium with strong financial backing and a focus on the premium market.

This is a prime location with a clear vision. Its "closable" potential hinges on translating the verification claims into independently verified, legally binding partnership terms.