4417sqm Plot Of Land Within A Serene Environment

Property Ref : 3189087

Land joint venture

Old Ikoyi, Ikoyi, Lagos

₦3,500,000

Features

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*TERMS & CONDITIONS FOR JOINT VENTURE PARTNERSHIP AT OLD IKOYI, LAGOS.*

"Prospective partner:
A proven capable financier & developer for the construction of high-density/high-rise top notch luxury apartments.

*Plot size:* 4417m2.

*Title:* Federal Government Certificate of Occupancy.

*Value of the land:* #3.5m/m2.

*Type of Development:* High density/high-rise mix of 40 units of contemporary top luxury 4-bedroom maisonettes with 2 staff quarters & 2 kitchenettes per unit *PLUS* 6 units of 5-bedroom penthouses with 2 staff quarters & 2 kitchenettes per unit with modern facilities & amenities.

*Height:* 25 floors or more permissible by LASG building authorities but without crowding...

*Architects:* Paradigm/Rumis. (Developers may present their architects & designs but if both parties disagree on the designs, it will be outsourced to Paradigm/Rumis.)

*Construction firm:* ELALAN, Cappa & D'Alberto, etc.
In-house builders will be considered if the standard/portfolio (in Ikoyi) matches those of the preferred contractors.

All sub-contractors (windows, doors, electrical consultants, mechanical consultants, etc) to be mutually agreed upon & selected by both parties before execution of the JVA.

*Sharing formula:* Developer 65%/Landowner 35%.

*Premium:* N1 billion (*to be paid back upfront* from one of landowners' maisonettes).

Proof of availability of funds to start & finish the project (eg., Bank statement or guarantee or whatever the institution you plan to use).

Detailed finishing documents: landowners will provide detailed finishing documents to be applied to their units & common areas if finishing documents by the JV partner is not mutually agreed upon.

*Facilitators' fee:* 10% of land value (neg.)



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