Residential land joint venture
Akin Olugbade Street, Victoria Island (VI), Lagos
Joint venture development opportunity -- akin olugbade street, victoria island, lagos
2,491 sqm land value: ₦8 billion approvals & drawings in place for 9-storey luxury apartments potential for mixed-use & up to 15 floors 50:50 sharing facilitator's fee: 5%
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property & jv overview
- location: akin olugbade street, victoria island, lagos.
- land size: 2,491 sqm.
- title: to be verified (c of o / governor's consent expected for vi).
- land value: ₦8,000,000,000 (≈ ₦3.21 million per sqm).
- current approvals: planning approval and architectural drawings already in place for a 9‑storey block of luxury apartments.
- upside potential: site can accommodate mixed‑use development and up to 15 floors (subject to further approvals).
- jv sharing formula: 50:50 (landowner : developer).
- facilitator's fee: 5% of property value (₦400 million), payable upon jv agreement.
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key highlights
- prime victoria island address: akin olugbade street is a well‑regarded residential/commercial street in the heart of vi, close to ahmadu bello way, eko atlantic, and major corporate offices.
- approvals & drawings ready: a significant time and cost advantage -- the site already has planning permission and designs for a 9‑storey luxury apartment block. this reduces pre‑development risk and accelerates time to market.
- expansion potential: the site can support up to 15 floors and mixed‑use (e.g., ground floor retail, offices, or penthouses), offering flexibility for a higher‑density, higher‑return project.
- 50:50 equal partnership: a transparent, balanced jv structure that aligns the interests of both landowner and developer.
- reduced facilitator fee: at 5% (compared to the typical 10%), this lowers transaction costs for both parties.
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️ development vision
the existing approvals provide a clear starting point:
- current design: 9‑storey luxury apartment building -- likely comprising 2‑3 bedroom flats, penthouses, and high‑end finishes.
- potential expansion: with additional approvals, the project could be scaled to:
- 15 floors (residential tower).
- mixed‑use (e.g., ground floor retail/office + residential above).
- increased unit count and higher overall returns.
target market: high‑net‑worth individuals, corporate executives, expatriates, and luxury renters/buyers in victoria island.
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location benefits -- akin olugbade street, vi
- heart of victoria island: minutes from ahmadu bello way, ozumba mbadiwe, and the entrance to eko atlantic.
- prestige address: surrounded by banks, embassies, luxury hotels, and corporate headquarters.
- excellent infrastructure: good roads, security, power, and drainage -- a fully developed urban environment.
- high demand: luxury apartments in this micro‑location consistently achieve strong occupancy and premium pricing.
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financial structure
- land contribution value: ₦8 billion.
- developer's role: provide 100% of construction financing, project management, and sales/letting.
- profit sharing: 50% landowner / 50% developer -- after recovery of agreed development costs.
- facilitator's fee: 5% of land value (₦400 million), typically paid from the landowner's share upon signing the jv agreement.
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next steps for qualified developers
interested development partners should submit:
1. letter of intent (loi) -- expressing interest and outlining initial thoughts.
2. company profile -- with verifiable track record of luxury apartment or high‑rise projects in victoria island, ikoyi, or banana island.
3. proof of funds -- bank statements or financing letters demonstrating capacity to fund a project of this scale.
4. source of funds -- for due diligence and compliance.
5. preliminary concept note -- how you would leverage the existing approvals and potentially expand to 15 floors or mixed‑use.
due diligence:
- upon signing an nda, the facilitator will provide title documents, existing approvals, and architectural drawings for review.
- site inspection can be arranged for serious parties.
ideal partner profile:
- a reputable real estate development firm with experience in luxury high‑rise projects on lagos island.
- strong balance sheet and ability to finance construction without relying solely on off‑plan sales.
approvals ready. drawings ready. 50:50 partnership. reduced facilitator fee. a streamlined jv opportunity in victoria island.
serious developers with island track record only -- proof requir...
More details
₦8,000,000,000
Ac Valour International
08036503218