Open equity platform Cogress has raised £2.56m in under four hours to fund an office-to-resi project in Pimlico.
The firm has partnered up with developer Asquith Spencer to turn the Grade II listed building on Warwick Square into five luxury apartments measuring a combined 5,600 square feet.
Designed by master builder Thomas Cubitt in 1828, the stucco-fronted townhouse has views across the square’s three acres of communal gardens and sits in the midst of a conservation area. The converted units are expected to sell for a total of £10m, with a targeted exit date of April 2018.
Tal Orly, CEO of Cogress UK: “The impressive rate of take-up here among our investors demonstrates the sustained enthusiasm to invest in strategic developments in the capital, even against wider uncertainty in the market. Our community of investors are also acutely aware of the building’s notable heritage and are keen to ensure it retains its distinct and charming characteristics.”
The firm raised significant sums for projects in Belsize Park (£3.7m), Hampstead (£3.1m) and Finchley Road (£8m) last year, all in similarly speedy fashion.
Image: Danny Robinson