Lekki Phase 1, Lekki, Lagos
₦1,800,000,000
| Property Ref: 3222848 | Added On: 26 Nov 2025 | Last Updated: 15 Dec 2025 |
| Market Status: Available | Type: Land | Total Area: 1,180 sqm |
Joint Venture Opportunity --- Prime Residential Development (50:50)
Opportunity summary
- Land size: 1,180 sqm
- Land valuation: 1.8 billion
- Title: Certificate of Occupancy (C of O) --- clean and available for verification
- Proposed scheme: 12 highquality units (combination of terraces and maisonettes)
- JV structure offered: 50:50 profit sharing (landowner : developer)
- Premium: 80,000,000 payable to the landowner (terms negotiable)
Why this JV is an exceptional play
- Institutionalgrade land: C of O title and an already valued land parcel make this transaction financefriendly and lowrisk from the land side.
- Ready project scale: 12-unit scheme on 1,180 sqm is ideal for a boutique gated development --- easy to market to midtohigh end owneroccupiers and investors.
- Fair equity split: landowner contributes land as equity; developer provides construction funding and management --- equal 50:50 sharing aligns incentives and simplifies exit.
- Attractive upfront premium: the 80m premium secures the landowner's commitment and demonstrates the vendor's readiness to transact.
- Strong demand profile: terraced homes and maisonettes remain highdemand product types in urban Nigeria --- quick sales possible with good design and marketing.
Suggested JV mechanics (flexible & negotiable)
- Land contribution: landowner contributes the 1,180 sqm plot valued at 1.8bn as equity.
- Developer contribution: developer funds hard and soft construction costs, sales/marketing and project management.
- Premium: developer pays 80m premium to landowner on signing of Heads of Terms (or staged as agreed).
- Cost recovery: developer recovers construction cost and agreed development fee from gross proceeds.
- Profit split: remaining profit distributed 50:50 between landowner and developer after cost recovery and taxes.
- Governance: establish a JV/SPV, appoint a project manager (developer usually), produce periodic accounts and independent auditor for transparency.
- Timing: typical delivery window 12--24 months depending on design and approvals; phased selloff permitted to improve cashflow.
What we recommend including in the Heads of Terms
- Clear definition of deliverables and scope (unit mix, spec and finish levels)
- Detailed costing and cashflow model (prepared by the developer's QS)
- Payment schedule for the premium and milestone payments (if any)
- Construction timeline with liquidated damages for delay (if agreed)
- Exit mechanisms and buyout terms (should one partner wish to exit)
- Dispute resolution and governance arrangements
Buyer/Developer benefits
- A bankable land contribution via C of O --- simplifies financing approvals.
- Balanced risk allocation: developer controls construction risk; landowner retains upside via 50% share.
- Fast to market: relatively small scheme with strong sellability; opportunity to capture premium pricing with attractive finishes.
- Flexibility: product mix and specification can be optimised by the development partner to target highest yield segments.
Due diligence & next steps
- Site inspection and technical survey (topography, soil test)
- Legal due diligence on C of O, survey and chain of title (we will provide documents on request)
- Architectural concept and preliminary cost plan (developer to prepare)
- Submission of Heads of Terms / LOI by interested developers
- Execution of SPA for land (as needed) and formal JV Agreement / formation of SPV
This is a tightlysized, highvalue development parcel with a simple, equitable JV structure. For a competent developer, this project can deliver rapid sales, excellent margins and a straightforward 50:50 partnership. Act now to secure first refusal.
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