Joint Venture Hot Spots? - Focusing for the Best Results

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Top Joint Venture Locations in Lagos

If you follow our blogs, then you know we are passionate about real estate, particularly joint ventures (JV). This partly explains why JV Pulse is primarily dedicated to connecting land owners and property developers.

Today I share some of the locations which are “hot spots in Lagos” when it comes to JVs. Lagos state is arguably the trailblazer in terms of real estate in Nigeria, followed by Port Harcourt and Abuja. Lagos is where you find the most and the biggest property development companies/developers.

As viable a location as Lagos is, these development companies/developers tend to favour some parts of the state over others, for obvious and not so obvious reasons.

These are the neighbourhoods that are hot spots for joint venture partnership in Lagos.

Lagos Mainland

Ikeja

The capital city of Lagos state, Ikeja has over the years morphed into a neighbourhood primed for commerce and industry. A good chunk of the area is also well suited for residential purposes. Areas such as Adeniyi Jones Avenue, Ogba, Magodo Gra, Ikeja GRA and Maryland are currently hot spots for joint venture partnerships, with many existing products of joint venture partnership doting the landscape. An example is the Maryland Mall, which is a product of a joint venture partnership.·

Yaba 

A popular suburb in Lagos mainland, Yaba’s strategic location makes it attractive to property developers. Yaba is a melting pot for different economic and social classes of people. Popular neighborhoods in Yaba include, Sabo-Yaba, Jibowu, Akoka-Yaba,Alagomeji, Commercial Avenue etc. Casino Heights , a residential development on 10 floors is an example of a joint venture development partnership in yaba.·

Ogudu

Ogudu is another strategically located neighborhood. It has easy access to other parts of Lagos mainland and the Island. It boasts some high-quality residential estates in addition to an exclusive GRA. The Avenue Estate, located in Ogudu GRA Phase 2, is an ongoing project borne out of a joint venture partnership.

Other neighborhoods on the mainland with huge potentials for JVs include some parts of Surulere (Alaka, Bode Thomas, Adeniran Ogunsanya) and Gbagada (Phase 1&2, Ifako gbagada).

Lagos Island

Ikoyi

This neighborhood is home to some of the crème de la crème of post-colonial Nigeria. From the highly dense and commercialized areas in the Falomo-Awolowo Way axis to Bourdillon Road, Queens Drive, Alexander, Gerrard and Osbourne Road with various kind of expensive and luxury towers and apartments. Ikoyi still retains its appeal as one of the most expensive real estate neighborhoods in Lagos. The presence of exclusive Estates such as Banana Island, Osbourne Foreshore I and II, 2nd Avenue Estate, and Parkview Estate, draws the attention of developers willing to partner with landowners and vice versa.·

Victoria Island

Victoria Island, was at some point in the past mostly residential. It is now predominantly home to local and foreign corporate/business entities. However, areas such as Molade Okoya, Sinari Daranijo, Oniru estate, Thomas Street and Palace Road are still largely residential and hot spots for JV’s. Then there is the new Eko Atlantic City project which is a reclaimed stretch of land along the Lagos coastline in Victoria Island. No doubt the Eko Atlantic city project is the next big thing in Victoria Island. This will likely be the next major JV neighbourhood in Victoria Island·

Lekki Axis

Home to mid to high income earners, Lekki is a naturally formed peninsula in close proximity of Ikoyi and Victoria Island, with large parts of the neighbourhood overlooking the Atlantic Ocean and the Lagos Lagoon. Lekki Scheme 1 is no doubt the most popular part of Lekki, with areas such as Admiralty Way and Freedom Way already bustling with residential and commercial activities.Demand for joint venture development partnerships in Lekki Phase 1 is very high. Other popular areas on the Lekki axis with high demand for JV partnerships include Ikate, Elegushi, Orchi road, Chevron, Ikota, VGC, Ogombo.

These neighbourhoods are generally in high demand and you have a good chance to close a deal when you target them. Don’t let this dissuade you from opportunities in other neighbourhoods that have some hidden gems. Our advice is to give these areas 80% of your energy to improve the odds of success.

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