Prime & Best Mixed Use Residential And Commercial Property & Land
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Property Description
**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!
Property Details
| Property Ref: 2178163 | Added On: 25 Mar 2024 | Last Updated: 26 Apr 2024 |
| Market Status: Available | Type: Commercial Property | Parking Spaces: 20 |
| Total Area: 1,305 sqm | Covered Area: 1,200 sqm |
Interesting Facts
You might be wondering if Victoria Island is an actual island based on its name. No, it is not right now, but it used to be.
Victoria Island was once completely surrounded by water until the colonial government sand-filled the eastern part to prevent mosquito breeding in the swampy area. It ended up with land areas connecting Victoria Island to Lekki Peninsula after it was sand-filled.
Leisure and Shopping
Victoria Island is home to the SPAR shopping mall, which is a one-stop shop for all of your retail needs. Goodies Supermarket is another well-stocked supermarket that sells a wide variety of items such as beverages, cosmetics, wine, toys, and so on. Other shopping options include Mega Plaza, Hubmart Store, Landmark Boulevard, XYLO, and Bijoux Mall.
Popular Estates
1004 Estate, the current largest single luxury high rise estate in Sub-Saharan Africa, is located on Victoria Island.
1004 Housing Estate is an 11-hectare housing estate with over 1000 apartments that was originally owned by the Federal Government before being purchased by private investors in 2007. The estate is located in the business and recreational district of Victoria Island.
There are four swimming pools on the estate for relaxation, as well as tennis courts for sports enthusiasts. The estate is also secure, and power is always available.
Day Life
Known for being an entertainment hub, Victoria Island has numerous places to hang out, eat, chill and have a great time.
Silverbird and Filmhouse cinemas are recommended for moviegoers. Oniru Beach, located on Victoria Island, is one of the most popular beaches in Lagos. Ocean Basket is the Mediterranean's seafood mecca. The Red Door Gallery is a must-see for art enthusiasts. It can be found within the Silverbird Galleria.
Kappadocia Lagos is Lagos' first and only cave restaurant. The architectural design creates the illusion that you are in a cave.
Night Life
In Victoria Island, the night is always young. Get your dancing shoes on and choose from any of the bubbling spots to experience the nightlife here.
If you live in Lagos, you have probably heard of Club Quilox. This is one of the hottest clubs in Lagos, and many celebrities frequent it.
Othello's Lounge is located in the heart of Victoria Island. Here you can get reasonably priced drinks and chops.
At LiVE! Lounge, you can expect to see live bands, karaoke, and comedy nights. They have both indoor and outdoor seating options, depending on your preference.
Schools
If you live on Victoria Island, you will not have to look far for good schools. American International School of Lagos is an international school that serves students from preschool to grade 12. Boston Academy, Crescent Schools, Cranberry School, White Oak Preparatory School, and Kuramo College are also popular primary and secondary schools. The Nigerian Law School and the Now Open University are also located on Victoria Island (NOUN).
Read the full area guide for Victoria Island (VI), Lagos.
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Disclaimer
The information displayed about this property comprises a property advertisement. Nigeria Property Centre makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Nigeria Property Centre has no control over the content. This property listing does not constitute property particulars.The information is provided and maintained by Arise Development. Nigeria Property Centre shall not in any way be held liable for the actions of any agent and/or property owner/landlord on or off this website.
Marketed by
22 Akin Adesola Street, Victoria Island, Lagos, Nigeria
0805 XXXX Show Phone
08058018218
Registered 11 years ago
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