Cogress UK announces £1.73m exit on a residential development in Westminster
Cogress UK, the nation’s leading open equity firm for property, today announces a £1.73m exit on a residential development in Westminster.
The project, which commenced in May 2015, consisted of the construction of two new-build penthouse apartments with roof terraces, on top of an existing nine-story building. Construction was completed in October 2016, slightly later than scheduled due to challenging market and sales conditions in the post-Brexit landscape compounded by changes to stamp duty, causing a significant shift in demand and transaction volumes at the premium end of the market.
Against this backdrop, the first sale was nevertheless achieved in January 2017 at £3.55m, an impressive £300K above business plan, with an additional offer for the second apartment accepted later in the autumn, showcasing another strong result amid on-going, challenging market conditions.
Cogress’ efforts and involvement in the sales strategy of this development have helped achieve prices that have bucked the trend for this area over the last twelve months, as well as for the wider industry. In addition, the strength of Cogress’ JVA strongly protected investors in the project, with an 22.84% total return over its 34-month duration.
Tal Orly, founder and CEO of Cogress UK said:
“Our success with the company has been bolstered by listening and identifying to the demand from investors and thus winning their trust to then capitalise on the strong demand for smart investment opportunities. By doing so, we have experienced another year of tremendous growth across the board, and the recent Vauxhall Bridge exit is very exciting for us amid the challenging landscape as it currently stands.”