26 residential units on 4,300 sqm | Two 8-floor blocks | Prime Ikoyi address | International developer-backed

Ikoyi remains one of Lagos’ most resilient residential markets, driven by tight supply, strong tenant demand, and consistent capital preservation. Off Glover Road, we are presenting a rare, single-acquisition opportunity: 26 luxury apartments sitting on approximately 4,300 square meters of prime land, with Certificate of Occupancy (C of O) title.

This is a clean play for an investor seeking scale in Ikoyi, whether your preference is capital upside, stable USD-denominated cashflow, or a long-hold legacy asset.

Property overview

Location: Off Glover Road, Ikoyi, Lagos
Land size: Approx. 4,300 sqm
Title: Certificate of Occupancy (C of O)
Asset type: Luxury residential apartment development
Configuration: Two residential blocks, 8 floors each
Total units: 26

Unit mix and layout

The development is arranged as two residential towers with a practical mix that suits families, corporate tenants, and long-term investors.

Block A

• 10 units of 3-bedroom apartments

• 2 units of 4-bedroom penthouses

• Each unit includes a 1-bedroom boys’ quarters (BQ)

Block B

• 12 units of 3-bedroom apartments

• 2 units of 2-bedroom apartments

• Units include boys’ quarters (BQ)

This blend supports both premium rentals and resale flexibility across multiple buyer and tenant segments.

Lifestyle and resident amenities

The property is built for comfort, security, and daily convenience, with features that elevate tenant appeal and support long-term occupancy.

• Swimming pool with a Van Gogh “Starry Night” inspired design

• Fully equipped gym

• Reception lobby and resident lounge

• Business and conference spaces (ideal for executive residents)

• 24-hour security and CCTV

• Two passenger elevators plus a service lift per tower

• Ample parking

• Dedicated power transformers

• Fire safety systems

Price and investment positioning

Asking price: $30,000,000 USD

We position this opportunity as a value-driven acquisition based on comparable pricing in Ikoyi for similar unit types and lifestyle-grade inventory.

Comparable-based market value 

Using the same unit-value framework previously applied, the implied “today” market valuation for the 26-unit portfolio is:

• Estimated market value: $43.23m

• Acquisition price: $30.00m

• Immediate paper gain: $13.23m

• Resale ROI at today’s valuation: ~44.1%

What this means in practical terms: you are buying a portfolio that, on comparable pricing, can justify a materially higher valuation simply by holding, repositioning, or reselling into the current Ikoyi buyer pool.

Unit-by-unit value build-up (comparable benchmarks)

Indicative comparable benchmarks (per unit):

• 3-Bedroom + BQ: ~$1.636m

• 4-Bedroom penthouse/maisonette: ~$2.727m

• 2-Bedroom: ~$0.886m

Implied portfolio valuation:

• 22 × 3-Bedroom @ ~$1.636m = $36.00m

• 2 × 4-Bed penthouse @ ~$2.727m = $5.455m

• 2 × 2-Bed @ ~$0.886m = $1.773m
  Total = ~$43.23m

Rental performance case (income strategy)

For investors prioritising cashflow, the income profile remains compelling at the updated acquisition price.

Target gross rental income and yield

• Total annual rent (projected): $1,800,000 per annum

• Gross yield: ~6.0% per annum (on $30m acquisition)

• Payback period: ~16.7 years (before rent reviews)

Indicative annual rents by unit type

• 3-Bedroom + BQ: ~$68,182 p.a. × 22 = $1,500,000 p.a.

• 4-Bedroom penthouses: ~$109,091 p.a. × 2 = $218,182 p.a.

• 2-Bedroom: ~$40,909 p.a. × 2 = $81,818 p.a.
  Total = $1,800,000 p.a.

Ikoyi rental pricing is historically upwardly adjusted within multi-year cycles. Over time, rent reviews and market tightening can compress the payback period and increase effective yield.

Why this acquisition stands out

• Scale in a prime Ikoyi pocket: 26 units in one transaction is rare.

• Strong title position: C of O on a sizeable 4,300 sqm landholding.

• Built-in upside (comparable valuation): ~$13.23m implied gap to current market valuation.

• Balanced unit mix: Supports resale optionality and diversified tenant demand.

• Amenities that protect occupancy: Elevators, security, lifestyle facilities, and executive-friendly spaces.

• International developer-backed: Adds credibility and asset quality positioning.

Summary of returns (at $30,000,000)

• Purchase price: $30.0m

• Estimated market value: ~$43.23m

• Immediate gain: ~$13.23m

• Resale ROI: ~44.1%

• Projected annual rent: $1.80m

• Gross yield: ~6.0%

• Payback: ~16–17 years (before rent reviews)

Note: Valuation and rent figures are indicative, based on comparable benchmarks and market assumptions. Final numbers depend on unit condition, tenancy structure, and buyer due diligence.