Residential land joint venture
1265SQM Corner Land Parcel for Development
Joint‑Venture Opportunity --- Corner Parcel at Block 143, Plot 10, Lekki Phase 1 (Semi‑Detached Neighbourhood) Overview a rare joint‑venture development opportunity on a prominent corner parcel within Lekki Phase 1. This well‑situated plot at Block 143, Plot 10 offers an attractive development footprint for a mid‑rise residential scheme comprising quality one, two and three‑bedroom apartments. The site's corner position and favourable orientation provide excellent prospects for light, ventilation, street frontage and marketable unit layouts. Property particulars - Location: Block 143, Plot 10, Lekki Phase 1 (right‑hand side corner parcel) - Site area: 1,265.07 square metres - Proposed scheme: 16 -- 18 residential units (mix of 1‑bed, 2‑bed and 3‑bed apartments) - Land value (headline): ₦2,000,000,000 (Two Billion Naira) - Vendor premium: ₦250,000,000 (Two Hundred and Fifty Million Naira) - Sharing formula: 55% to Developer : 45% to Landowner - Facilitator's fee: 10% of the land value --- payable upfront immediately upon execution of the Joint‑Venture Agreement Development proposition The proposal envisages a sensitively designed mid‑rise residential development delivering between sixteen and eighteen units across a mix of 1, 2 and 3‑bedroom apartments. The scheme is ideal for a developer targeting the premium residential rental and for‑sale market in Lekki Phase 1, appealing to professionals, young families and investors seeking modern, well‑specified homes within a highly desirable Lagos enclave. Investment highlights - Corner parcel advantage: enhanced frontage, improved natural light and superior unit aspect potential. - Prime Lekki Phase 1 location: high demand neighbourhood with strong rental and capital appreciation dynamics. - Compact, highly efficient site area suitable for a high‑quality apartment cluster with communal amenities and parking. - Attractive revenue-sharing split that rewards developer execution while preserving substantial landowner interest. - Upfront facilitator fee provides clarity on transaction mechanics and demonstrates immediate financial commitment to the implementation process. Suggested commercial mechanics - Land value: ₦2,000,000,000 (to be used as the land contribution valuation within the JV SPV). - Vendor premium: ₦250,000,000 --- payable per the agreed schedule in the heads of terms or as otherwise negotiated. - Profit / equity split: Developer 55% : Landowner 45% (applied to net project proceeds after cost recovery, developer fee and agreed levies). - Facilitator's fee: 10% of land value (₦200,000,000) --- payable upfront immediately after execution of the formal JV Agreement and before commencement of construction activities. - Detailed cashflow waterfall, cost recovery, developer fee, construction financing and exit mechanics to be agreed and documented in the JV Agreement. Due diligence & prerequisites Prospective developer partners and investors should satisfy themselves by undertaking comprehensive due diligence including, but not limited to: - Confirmation and verification of title and chain of ownership (certified copies of title documents to be provided). - Site survey, boundary pegging and certified site plan. - Planning and zoning review with relevant local planning authorities; confirmation of permissible density, building height and setbacks. - Geotechnical and soil investigation report. - Utilities and infrastructure capacity check (power, water, drainage, access and sewage). - Environmental and flood‑risk appraisal (as required). - Review of any existing encumbrances, caveats or third‑party rights. - Confirmation of required statutory approvals and an indicative timeline for obtaining same. - Financial modelling and bankability assessment for construction financing. Recommended next steps 1. Interested parties to confirm preferred JV structure and provide proof of development capability / proof of funds. 2. Execution of an nda to permit release of full title documents, survey plan and any existing technical reports. 3. Site inspection with the developer's technical team present. 4. Submission of a brief developer proposal (programme, preliminary concept, indicative cost plan and funding approach). 5. Issue of draft heads of terms and negotiation of the JV Agreement, including precise payment schedule for the premium and facilitator's fee. 6. Commencement of due diligence and, subject to satisfactory findings, execution of the formal JV Agreement. Important notes - All figures and terms are indicative and subject to contract, verification of title and mutual agreement of final commercial terms. - The facilitator's fee is stated as a headline term and should be reflected in the formal heads of terms and JV documentation to ensure enforceability and clarity. - Transactional costs (legal fees, stamp duty, registration fees, taxation and agency commissions) are not included in the headline figures and shall be allocated as agreed in the JV Agreement. Contact & confidentiality For further information, to request the title pack, arrange a site viewing or to receive a draft heads of terms, please provide contact details and proof of development credentials. All sensitive documentation will be shared upon execution of a standard nda. We look forward to engaging with suitably qualified developers and investors to progress this compelling Lekki Phase 1 opportunity. #atafo
