Ikota Villa Residential Area, Ikota, Lekki, Lagos
₦330,000,000
| Property Ref: 3093454 | Added On: 14 Sep 2025 | Last Updated: 03 Oct 2025 |
| Market Status: Available | Type: Land | Total Area: 684 sqm |
NOTICE: *DIRECT DEVELOPER COMMUNICATION ONLY* (NO AGENTS- NO MANDATES)
Ikota JointVenture Opportunity ---
Size:, 684 sqm
Location: (Ikota Villa Residential Area)
Title: Governor's Consent
Land Value: 330M
Overview
Highquality jointventure (JV) opportunity in the highly sought Ikota Villa Residential Area. The owner is offering a 684 sqm parcel for a development JV to deliver blocks of flats on three floors. The site has Governor's Consent (Gov. Cons.) in place and the land is valued at 330,000,000. The owner seeks a development partner to design, finance and deliver residential flats under an agreed profit/ equity sharing arrangement. No premium is requested --- sharing to be agreed.
Property summary
- Site size: 684 sqm
- Location: Ikota Villa Residential Area (Ikota), Lekki/Ajah corridor --- prime residential neighbourhood with easy access to major road links and amenities
- Title: Governor's Consent (Gov. Cons.) --- please verify documents during due diligence
- Owner's proposal: Development JV to construct blocks of flats on three floors (owner to supply land; developer to fund and construct per JV terms)
- Land value: 330,000,000
- Premium: Nil (owner not requesting upfront premium)
- Sharing: To be determined (owner open to equity/ profit share structures)
Development proposition
The owner intends the site to be developed into blocks of flats (three storeys) --- an attractive scheme for midrise residential units targeted at owneroccupiers, professionals and highdemand lettings in the Ikota/Lekki market. The compact site size supports efficient middensity development with potential for high value per sqm when professionally designed and executed.
Why this JV is attractive
- Strategic location: Ikota Villa Residential Area is a wellregarded neighbourhood within the Lekki/Ajah growth corridor with strong residential demand and proximity to commercial nodes, schools and transport routes.
- Clean land position: Governor's Consent in place --- expedites transactional and planning processes for credible partners (subject to confirmation).
- Capital efficiency: No upfront premium required --- reduces initial cash outlay and improves project cashflow for the developer.
- Flexible deal terms: Owner is seeking a commercial JV arrangement --- open to a variety of structures: equity split, profit share, buildandtransfer, longleasehold management etc.
- Scale: 684 sqm is well suited to a midrise block development (three floors) capable of delivering multiple 2--3 bedroom units or a mixed unit mix depending on design brief.
Suggested JV structures (examples --- to be negotiated)
- Landforequity: Owner contributes land (valued at 330m) in exchange for equity/share of completed units or net project profits.
- Buildtoshare: Developer finances and constructs; proceeds are divided per agreed revenue share after cost recovery.
- Leaseanddevelop: Longterm lease to developer with rent/royalty payments to owner and option to purchase at defined milestones.
Site & planning considerations
- Proposed build: Blocks of flats on 3 floors (developer/architect to propose unit mix and layout subject to local planning)
- Setbacks, coverage and allowable FSR will depend on local planning regulations for Ikota Villa --- confirm with Lagos State planning authorities and obtain necessary approvals.
- Utilities & access: Confirm onsite connection points for water, power and drainage, and vehicular access arrangements during due diligence.
Required due diligence & documentation (recommended)
- Certified copy of Governor's Consent and underlying title documents (Certificate of Occupancy, Deed of Assignment, etc.)
- Site survey/plan and coordinates showing boundaries and total land area (684 sqm)
- Local planning constraints, permissible building height/coverage and any covenants/estate rules for Ikota Villa Residential Area
- Environmental and geotechnical reports (if available)
- Existing encumbrances, statutory rates, and tax clearance status
Commercial terms to agree
- Final equity / profitshare split between owner and developer
- Cost recovery mechanism and developer fee structure
- Construction programme, handover milestones and retention/defect liability terms
- Management and sales/leasing strategy for completed units
- Escrow / security arrangements, dispute resolution and exit clauses
Next steps / how to proceed
1. Submit expression of interest (EOI) and provide brief corporate profile and development track record.
2. Request full property dossier and certified title documents.
3. Arrange site inspection and meeting with the owner to review development brief and commercial expectations.
4. Carry out technical and legal due diligence (survey, title search, planning review).
5. Negotiate JV heads of terms and execute formal JV agreement following legal review.
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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