Open equity property firm Cogress has raised £3.1m in under 24 hours to fund a multi-unit luxury resi scheme in Hampstead.
The project will turn a hulking Victorian building on Fitzjohns Avenue into 12 high-end apartments and two houses across 13,623 square feet in total.
Cogress is teaming up with London-based developer Paul Godfrey for the third time to deliver the scheme, which is projected to sell for a combined £21.9m with a targeted exit date of November 2018. The annual returns are expected to range from 21.56% to 23.11%.
A statement from the firm – which offers relatively small-scale investors (£20k+) the opportunity to get in on multi-million pound development schemes – said it had “defied post-Brexit industry concerns” with the speedy deal, and described the London property market as “steady”.
Tal Orly, CEO of Cogress UK: “The speed at which our community, of more than 3,000 qualified investors, funded the development illustrates the on-going desire to invest in strategic and profitable investment opportunities. Despite initial industry fears over Brexit, our equity success here demonstrates that its business as usual for London’s property market. This success demonstrates the potency of our investor’s appetite and confidence in Cogress to insulate them during uncertain market times.”
Fitzjohns Avenue image by Martin Addison (CC-BY-2.0)