Shojin Property Partners’ latest crowdfunded mixed-use development raises £1.53m
Shojin Property Partners has reached its funding target of £1.53m for its latest crowdfunded, mixed-use development project in the London Borough of Barnet. There were 56 investors that participated in the raise.
Sited in a prominent Edgware Road location, the development will replace the existing car showroom. Planning permission has been secured for the construction of a six-storey block, featuring 18 private residential apartments and one commercial unit. The development will consist of apartments ranging in size between 549 and 947 square feet, plus one commercial unit (B1 use) of 431 square feet. External landscaping and balconies will be provided, including a communal roof garden and cycle storage spaces.
The development is being undertaken by Shojin Property Partners and is targeted to be delivered in 18 months from commencement of development until full exit. The target annualised return for investors is 22%, which represents an overall return of 32%.
Jatin Ondhia, pictured, CEO of Shojin Property Partners commented:
“The site is in a desirable location in Greater London, which has experienced significant development over the last 3-5 years. The local council has highlighted Colindale as an area forecast to be an urban corridor of change, due to its direct route into Central London. The area has been subject to a large amount of investment and development, evident by the surrounding high-density apartment schemes and the re-development of Oriental City (directly opposite the subject site).”
“Colindale offers strong road and rail links and the development is just minutes from the Colindale Underground Station. Colindale also has a thriving community, along with a great selection of shops, bars and restaurants, including a recently opened unique Asian food court and community space. Bang Bang Oriental has been designed to be like a huge Asian food hall, with 33 kiosks and room for 450 diners. It’s the largest of its kind in London.
“In light of all these factors, we believe our new development will be very appealing to both permanent residents and tenants.”
Shojin Property Partners has recently launched another property development project in Southend-on-Sea on its crowdfunding platform. The partnered developer is seeking to enhance the existing planning consent on the main site from 23 residential units to create an Art Deco development, comprising 49 residential units and commercial space, by assembling the main site, plus surrounding land. It has already reached 80% funding from Shojin’s investors. This development is very close to the iconic Southend pier and Jamie Oliver’s restaurant, Pier Café where they film the ‘Jamie and Jimmy Show’.