Over £1.6m has been returned to Shojin investors following the successful completion of the Oakley Square development in Camden, London.
This project was launched in July 2023, with £1.5m in funding raised through the Shojin digital platform.
Investors were repaid over three instalments, each returning principal and interest, at a rate of 12% per annum (7% + BoE base rate).
Shojin and LINUS partnership
This project was a collaboration between Shojin and LINUS Digital Finance, a Berlin-based real estate investment platform focussing on institutional-quality assets. LINUS originated and managed the project, with Shojin offering it to investors through the Shojin digital platform.
Project highlights
Investors were given the chance to participate in a senior loan for a rooftop development of 8 residential units, with first charge security. Three tranches of £500k were released and funded within 6-weeks, with 51 investors participating.
The development is in Camden, Central London, a high-value residential area with extensive dining and shopping options and great transport links across the capital.
The developers, Echlin, are an award-winning practice of architects, interior designers and development managers. Since 2011, they have a track record of completed projects with a total GDV over £200m. Echlin specialise in this kind of development, partnering with freeholders of existing buildings to add value through additional luxury units.
This project was featured in The Times as a leading airspace development that “breathed new life into [residents’] ageing flats”. Wallpaper also had praise for the extension, describing it as "[a] rare treat of a combination - a slice of minimalist architecture and residential calm, while set within one of London's most popular corners."
The investment
With construction approximately 75% complete at launch, investors were taking on relatively low risk, with most of the anticipated 9-month loan term covering the sales period. Practical completion was delayed slightly, achieving sign off in Q4 2023 before the units were fully completed in April 2024.
The sales process went to plan, with units marketed exclusively to overseas buyers. Several units were sold off plan, allowing for the following early redemptions:
The final units were sold in H1 2024, allowing full repayment on 1st August 2024, approximately 12-months after the first tranche was drawn down and slightly later than originally planned, although investors continued accruing interest during this extension.