Fifty-six investors participated in the raise.
The development will replace an existing car showroom, with planning permission already secured for the construction of a six-storey building, which will feature 18 private residential apartments and one commercial unit.
External landscaping and balconies will also be part of the scheme, as well as a communal roof garden and cycle storage spaces.
The development is being undertaken by Shojin and is targeted to be delivered in 18 months from commencement of development until full exit.
Jatin Ondhia, CEO at Shojin Property Partners (pictured above), said that the site was in a desirable part of Greater London, which had experienced significant development over the last few years.
- Property investment platform raises £2.3m for Southampton scheme
- CrowdProperty launches Seedrs funding round
- Property developer launches bond with Crowdstacker
“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 redevelopment 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.
“In light of all these factors, we believe our new development will be very appealing to both permanent residents and tenants.”
The target annualised return for investors is 22%, which represents an overall return of 32%.