Private equity firm Cogress has underwritten £2.5 million in equity to fund a new mixed-use property development in South West London.
Eager to tap into strong investor demand for homes in the capital, the private equity firm for property has lent the equity to help fund a luxury new development in Battersea.
With an expected exit date of May 2020, the 49,471-sq. ft. site at 3 Culvert Road has a target gross development value (“GDV”) of £42 million. Once complete, the development will include 39 residential apartments, three floors of commercial spaces, and 16 car spaces in the basement.
The residential units will be made up of 31 private flats, and eight affordable ones, with each containing its own balcony.
Thanks to its proximity to Battersea Power Station (currently undergoing major regeneration work to convert it into a multi-purpose venue), Battersea Park and the elegant, high-end streets of Chelsea, the development is expected to generate significant interest among buyers. It's also hoped that this latest development will further cement Battersea's position as one of London's property hotspots for luxury investments.
“As we move into 2018, investor demand remains high for the best opportunities across London, like this development in Battersea,” said Tal Orly, the founder and chief executive of Cogress. “Even as uncertainty continues to affect the wider market, our success in raising equity here speaks to the confidence our investors have in our business model and we’re excited to be working with West Eleven for the first time."