Alternative to selling Edo House in Victoria Island Lagos

By Victor Ogiemwonyi

The plan to sell the Edo house in Lagos should be properly reconsidered. The property can be used to create value that will enhance revenue for Edo state and a lasting legacy for the present Administration.

The Edo house is an attractive Asset that can be used to create a lasting value that ensures Edo state, still has co- ownership and a revenue platform that increases with time.

Its location, makes it enduring, and the EKO Atlantic Estate opposite, enhances its value.
The position of the Edo House across from the Bar Beach ensures that even its future value, will be lastingly durable .

The best strategy in my view is to get a Developer in a joint venture partnership, who can build a 5 star Hotel with Residential Apartments that can be sold down 60%, to finance the project.

The existing property and its location can provide the financing for the project and command at least 5x revenues annually for the state vs what it gets now.

Pls let the Government focus on this value creation approach. No amount of money from selling this property will compensate for what the value of this property represents for Edo people.

Doing this will bring the Administration, respect for creating lasting value and a legacy that stays for ever and will still let them achieve the revenue they want.

If they want the revenue upfront, because the Government wants money now, some of the Apartments can be sold upfront at a discount and paid to Government as premium payments for the Asset, by the developers . This is best way to have your cake and eat.

By the way, any joint venture partner, that wants the state to invest “one kobo “ in this project, is not the right partner.

The entire premise for this project, is that it is self financing. The location and the exploding real estate market in Lagos right now, makes this, the best option.

Any thing less is unacceptable.