£2.5m raised in under four hours for property conversion

Open equity platform Cogress has raised £2.56m in less than four hours to fund the conversion of a building in south-west London.

The amount raised within the time period broke the platform’s own record with investors expected to see a return on their equity in just 18 months.

Cogress is teaming up with developer Asquith Spencer for the project in Warwick Square which comprises the conversion of a Grade II-listed building from an office to five luxury residential apartments with a combined floor space of 5,600 sq ft.

This would provide an expected annual return for investors of between 19.11% to 20.58%.

“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,” said Tal Orly, CEO of Cogress UK.

“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 platform recently worked alongside OakNorth Bank to provide £32m of finance to a developer looking to deliver luxury properties in north-west London.

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