The company – which raised £1.7m equity for the development of Eaton Mansions, near Sloane Square, in 2016 – secured a 23.39% return for investors over the 22-month duration of the project.
This equated to a 12.87% gross return per annum.
This is despite recent figures from Knight Frank highlighting a 13% drop in asking prices in affluent boroughs such as Kensington and Chelsea over the past year.
“We’re really pleased to have achieved a double-digit return for our investors with the sale of Eaton Mansions, despite the slowdown in the luxury property sector,” said Tal Orly, founder and CEO of Cogress UK.
- £1.8m raised to fund Hackney development
- £2.5m raised in under four hours for property conversion
- Cogress raises £3.1m in under 24 hours for London development
“This is testament to the highly rigorous and project-specific due diligence process that our team of legal, finance and property experts carry out with each investment opportunity.
“The sale of Eaton Mansions reaffirms our commitment to matching our network of qualified investors with the best opportunities and rewarding the trust they have in Cogress.”
The 2,606 sq ft apartment boasts four bedrooms and sits on the third floor of a Victorian building in Cliveden Place.
The property was refurbished to a luxury standard by developer Belgrave Mews.
Cogress’ high return on its investment comes despite a rise in stamp duty and Brexit uncertainty.
The latest analysis from London Central Portfolio found that the selling prices for homes above £5m have fallen by more than 50% in the capital.