Wakefield Apartments, Lekki Phase 1

Wakefield Apartments, Lekki Phase 1

Wakefield Apartments is a residential development by EdenBrooks Homes located at 21 Chief Collins Street, a secondary road directly off Admiralty Way in Lekki Phase 1. This location is a high-density, mature urban environment characterized by a mix of high-end residential estates and commercial hubs.

Product Specifications and Financial Entry

The project consists of 16 deluxe units scheduled for completion by September 2026.

Additional Standard Fees (2026 Market Rate):

• Legal Fee: ~₦5,000,000

• Documentation Fee: ~₦5,000,000

• Title: Governor's Consent (Gold standard for secondary market liquidity).

Market Overview and Performance Metrics (2026)

1. Rental Yield Analysis (Standard Lease)

In Lekki Phase 1, 2-bedroom luxury apartments with a BQ (Maid’s Room) are currently achieving high occupancy rates (90%+).

• Current Market Rent: ₦18,000,000 – ₦25,000,000 per annum (serviced).

• Gross Rental Yield: Approximately 6.9% to 9.6% based on the ₦260M purchase price.

• Management: Units in this area typically require a service charge of ₦1.5M – ₦3M/year for power and security.

2. Short-Let (Aparthotel) Potential

Due to its proximity to Admiralty Way, the property is highly viable for short-term stays.

• Daily Rates: ₦150,000 – ₦300,000 per night (standard 2-bed in Lekki 1).

• Projected Occupancy: 65% (conservatively 237 nights/year).

• Annual Gross Revenue: ~₦35,550,000 (at ₦150k/night).

3. Capital Appreciation

Lekki Phase 1 remains the most liquid real estate market in Lagos. Since the launch of the Lagos State e-GIS portal in early 2024, title verification is now easily done online at your convenience, further raising buyer confidence and demand.

• Historical Appreciation: 12% – 18% annually in this specific corridor (Off Admiralty).

Strategic Infrastructure and Demand Drivers

The property’s value is underpinned by several local factors:

• Location Maturity: Chief Collins Street is a developed street with stable drainage systems.

• Proximity to Social Hubs: Walking distance to I-Fitness, The Place, and Admiralty Way retail stores.

• Healthcare Access: Within a 5-minute drive of Evercare Hospital.

• Power & Security: The inclusion of 24/7 power is a mandatory requirement for the premium rental market in this zone.

Comparative Summary: Wakefield vs. Emerging Corridors

Compared to assets in Ibeju-Lekki, Wakefield Apartments is an Asset Value play rather than a pure "land-banking" play.

• Risk Profile: Low. The title is "Governor's Consent" and the location is fully built out.

• Cash Flow: Immediate upon completion in late 2026.

• Exit Strategy: High liquidity. Properties on Chief Collins Street are easily resold to institutional investors or high-net-worth individuals due to the "Lekki 1" address.