Mccathy Street, Ilupeju, Lagos
₦6,000,000
| Property Ref: 3093481 | Added On: 14 Sep 2025 | Last Updated: 16 Sep 2025 |
| Market Status: Available | Type: Land | Total Area: 500 sqm |
NOTICE: *DIRECT DEVELOPER COMMUNICATION ONLY* (NO AGENTS- NO MANDATES)
Listing title
Development Lease (BOT) --- 500 sqm, Macathy Street, Ilupeju Estate
Term: 20Year Lease
Overview
Prime buildtooperatetransfer (BOT) development lease opportunity in Ilupeju Estate, Lagos. A 500 sqm plot on Macathy Street is offered on a 20year lease for a developer to construct a midrise block of flats (flexible unit mix). The proposal requires a welldesigned scheme with adequate parking and sensible density --- not overcrowded. Construction period: 12- 18 months. Premium: 6,000,000. Faacilitation fee: 10,000,000.
Property summary
- Opportunity type: Development lease (BOT) --- lease, build, operate and transfer framework
- Location: Macathy Street, Ilupeju Estate, Lagos
- Land area: 500 sqm
- Lease term: 20 years
- Upfront premium: 6,000,000
- Construction period (proposed): 12-18 months from commencement
- Design brief: Block of flats --- unit numbers flexible but must avoid overcrowding; scheme must provide adequate parking and amenity space
- Facilitation Fee: N10,000,000 (Fixed)
- Availability: By agreement following heads of terms and deposit
Development proposition
This BOT lease is ideal for experienced developers and investors seeking shorttomedium term cashflow from a managed residential asset in Ilupeju Estate, with the asset reverting to the landowner at lease expiry. The compact 500 sqm site supports a wellplanned midrise block delivering quality flats targeted at professionals and corporate renters, provided design respects estate character and parking standards.
Why this opportunity is attractive
- Strategic location: Ilupeju Estate is an established residential/commercial node with excellent connectivity to Ikeja, Apapa and Lagos mainland markets.
- Short construction cycle: 1218 month construction window supports quick operational rampup and revenue generation.
- Low premium: 6m upfront premium reduces initial capital outlay relative to outright purchase.
- Flexible design: Developer can propose unit mix (e.g., 1 & 2bed flats or a mix including 3beds) to match market demand while ensuring adequate parking and open space.
- BOT structure: Enables developer to operate and monetise the asset during the lease term, with clear exit at transfer.
Design & planning brief (key requirements)
- Block of flats across appropriate storeys (subject to estate/local planning regulations) --- number of flats flexible but density must be reasonable and consistent with Ilupeju Estate character.
- Adequate onsite parking provision (minimum required by Lagos planning codes and estate rules) plus visitor parking. Consider basement/ground parking or efficient stack/marked bays.
- Provide appropriate setbacks, landscaping and refuse management areas.
- Ensure adequate water and power provisions (borehole, overhead tank, generator/ES) in design for reliable operations.
- Fire safety, access for emergency vehicles and waste disposal must be included in design.
- Compliance with estate covenants and Lagos State planning/approval processes required.
Suggested commercial/lease structure (examples to negotiate)
- Lease term: 20 years (fixed) with defined construction milestone schedule and handover process.
- Premium: 6,000,000 payable upfront
- Rent/royalty: Depending on BOT terms, a recurring rent, revenue share or service charge may be agreed during the operating phase.
- Transfer: Full transfer of the completed building to landowner at lease expiry or earlier if agreed.
- Performance guarantees: Bank guarantees/retention for construction defects and compliance; insurance cover during construction and operation.
- Exit and extension: Option to negotiate right of first refusal for lease extension or purchase at preagreed terms (optional).
Due diligence & documentation checklist (recommended)
- Confirm land title and authority to grant a development lease (Certificate of Occupancy or other title documents).
- Obtain site survey/plan and confirm exact 500 sqm boundaries.
- Request estate rules, deed covenants and any restrictive conditions for Ilupeju Estate.
- Clarify statutory planning parameters (permissible height, coverage, parking standards) with Lagos State planning authority.
- Verify availability of utilities (power, water, drainage) and connection costs.
- Review environmental/site condition and geotechnical report if available.
- Confirm tax, rates and any outstanding liabilities on the land.
Commercial terms & approvals to finalise
- Detailed heads of terms including premium payment schedule, construction milestones, facilitation fee- N10m, insurance, defect liability and handover conditions.
- Construction programme and approved design & specifications to be agreed prior to commencement.
- Security/guarantee mechanisms for timely delivery and compliance.
- Approval process with estate management and Lagos State planning authority to secure necessary permits.
Next steps --- how to proceed
1. Submit Expression of Interest (EOI) with company profile, sample deliverables and relevant development track record.
2. Request full property dossier and certified title/survey documents.
3. Arrange site inspection and meeting with the landowner/estate representatives.
4. Prepare preliminary concept design and projected construction programme for discussion.
5. Negotiate and sign heads of terms, pay agreed premium/agency fee, then commence statutory approvals and construction mobilization.
Contact: Mr. Kola Adesina (EDBA)
All detailed documentation and commercial discussions will be provided on a confidential basis and subject to a signed NDA.
Serious proposals only.
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