A poignant example of the continued lure of prime London property, a new Victoria-based development launched by private equity firm Cogress UK sold out in less than two hours.
Cogress, which provides retail investors with the chance to invest in big-ticket property developments, finished its latest project in double quick time, further highlighting how investor-worthy London remains.
Victoria, better known as a major transport hub than a property hotspot, was designated one of Boris Johnson’s ‘areas of opportunity’. It is set to be home to two new penthouse apartments, with Cogress UK securing the £1.4m required for the £6.5m project. Developer Noel and Partners are expected to begin construction upon completion of the property at the end of April
Situated on Vauxhall Bridge Road, within spitting distance of Victoria station, the luxury apartments will include roof terraces and spectacular views across London to Westminster. Every apartment will be 1,400 sq. ft. as well as an extra 600 sq. ft. roof terrace per property. In addition, new leases will be granted for a term of 999 years from 1996.
This latest development is Cogress UK’s 15th since launching in 2014. Its total Gross Development Value (GDV) recently broke through the £200m barrier, while the company’s total equity in the new Vauxhall Bridge Road project is £1.4m. Investors were offered the chance participate with a minimum investment of £20,000. The project is anticipated to be ready by October 2017, with a final GDV of about £6.5m
“The speed in which the investment was achieved was incredible and underlines just how attractive retail property in London remains, a trend we expect to continue,” Tal Orly, chief executive officer at Cogress UK, commented.
“We are delighted to be working with Noel & Partners to develop such exciting properties in such a thriving area of London. We have carefully analysed the area and the development and excited about the potential for this development, both for the area itself and our investors.”