Off Adeola Odeku, Victoria Island (VI), Lagos
₦3,100,000,000
| Property Ref: 2178163 | Added On: 25 Mar 2024 | Last Updated: 28 Apr 2024 |
| Market Status: Available | Type: Commercial Property | Parking Spaces: 20 |
| Total Area: 1,305 sqm | Covered Area: 1,200 sqm |
**Direct Listing offering Additional / Supplementary 0.5% Bonus to Buyers Closing Agents within 90 days of Listing**
Prime and Best Mixed Use Residential and commercial Property in the heart of Victoria Island, Lagos. This property has established itself as a pinnacle prime valued mixed use property with a very high residual Land value, meaning future Highest and Best Use development will command the top tier equity in leasable or resale space per square meter within the Best of the heart of the VI market.
Quick property facts:
Location value:
1) Intersection of 2 of the most prominent commercial main streets in VI ensuring market conversion of the commercial business oppprtunities (via business traffic) will be highest.
2) Location Bonus is that while at a high visible commercial intersection, it enjoys an off street interior location that also provides a tranquility for the residential portions of the mixed use space that also allows an intimate environment for focused business within the all encompassing property.
-1305 Square meter LAND space
- Lagos State Land Certificate
- 50 years remaining on Lagos state Land lease
- 1150sqm Building leaseable covered floor space
- Existing two story 6 Bedroom House, Two, 2 bedroom Flats
- 2 event halls of 340sqm and 140 sqm, respectively
- Boys Quarters
Highest & Best Value Plays include:
1. Immediate development of Highest & Best Use, High Rise Residential or Mixed Use High Rise Residential Office development with parking structure for a Residual Land Value of 3.5B and after Development Value of 15.75B with annualized Cash on Cash of 64.9% and Internal Rate of Return of 25% with completion by end of 2026
or
2. Renovate for short term cash-flow of existing mixed use residential/ hotel/ Shortlet and event space to ride the upward market cycle then future highest and best Mixed use high rise development for optimum after development resale/lease value
*Please note, we don't send Pictures out nor seek new listings. Viewing appointments accompanied only with prospective buyer will be given.
* Buyer pays buyer agent fees
*Seller Agent side is closed
* Buyer offers will require proof of funds for offer Acceptance
Thanks for your interest.
Best Regards!
