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Private equity-backed housing scheme completes early in Golders Green

A residential scheme in Golders Green, London, that was financed by an investment model pioneered in Israel has completed early, according to the private equity firm that backed it.

The early completion of the house in multiple occupation (HMO) means that investors in the scheme, developed by Symbia, are on track for strong returns, according to Cogress UK.

Developed by Symbia, the site consists 39 new-build studio flats and two offices, with the building approved for use as an HMO to support Barnet Council’s social housing offering. Construction began in October 2013 and was originally expected to complete around October 2015.

The one-bedroom flats have a kitchenette, rather than a full kitchen, and are arranged over four floors. Each floor provides a shared kitchen and utility room where tenants can do laundry and cook more “complex meals when their requirements are more elaborate than their individual kitchenettes will allow”.

The remaining six rooms are set aside as office space, but could be converted to additional studios, subject to planning.

The project is Cogress’ first HMO investment opportunity since the firm unveiled its “distinctive” real estate funding model, after being pioneered in Israel. Cogress’ platform carefully matches investors and “vetted” entrepreneurs seeking funding for residential and commercial property developments.

Cogress’ total equity in this project is £825,000, with the firm offering investors the opportunity to participate with a minimum commitment of £25,000. The project’s Gross Development Value (GDV) was expected to be around £7.2 million, but has now reached £8.5 million; an expected return of 25% for investors.

“We are delighted with Symbia and the progress of the development in Golders Green, which has run smoothly from the outset,” said Tal Orly, Cogress UK’s chief executive.

“We do our very best to make sure no stone is left unturned when undertaking due diligence on potential development partners so that our investors get the best possible returns on their investments.

“2015 is set to be a busy year for us, with a number of exciting projects in the works. We look forward to opening further investment opportunities up to our investors.”  

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