Cogress

Cogress UK announces £1.7m exit on Westminster development



Cogress UK has announced a £1.73m exit on a residential development in Westminster.

The project – which began in May 2015 and was completed in October 2016 – resulted in two new-build penthouse apartments with roof terraces on top of an existing nine-storey building. 

The project was completed slightly later than scheduled due to a challenging market and stamp duty changes.

Despite this, the client completed their first sale in January 2017 at £3.55m – £300,000 above the business plan – with an additional offer for the second apartment accepted later in the autumn. 

The development provided investors in the project with a 22.84% total return over its 34-month duration.

Cogress
 
Tal Orly, founder and CEO of Cogress UK, said: “Our success with the company has been bolstered by listening [to] and identifying 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.”


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