Member Article

Cogress secures £1.8m for Hackney mixed-use development

Open equity platform Cogress has closed its latest funding opportunity after raising £1.8m from investors for a new residential and commercial property in Hackney.

The new development on Tudor Road will see the construction of 4,725 sq ft of office space along with 19 residential units, developed in partnership with Kirk Real Estate Ltd.

Located in one of London’s most booming boroughs, the scheme has already managed to sell seven of the 19 residential units on offer, a testament to the demand for residential plots in the East London area which has seen prices increase by 700% in the last 20 years.

Tal Orly, who is Founder and Chief Executive at Cogress UK, said: “We are constantly striving to diversify our portfolio to bring our growing network of qualified investors the best investment opportunities across London.

“Whilst the wider market endures uncertain times, we must be agile in adapting to investor demand for more affordable development opportunity, like this property on Tudor Road, Hackney. Our continually expanding portfolio reiterates the trust our growing network of qualified investors has in Cogress.”

The platform, which opens up investment in property projects to its network of over 30,000 individual investors, is targeting an exit date of September 2018 for the project which is expected to sell for £8.1m.

It comes less than a month after Cogress closed a similar raise for a £2.56m redevelopment project at Warwick Square in just under four hours, the platform’s quickest funding drive to date.