Foxtons founder seeks £65m check-out of luxury London hotel site
Foxtons founder Jon Hunt’s Ocubis has appointed CBRE to sell a 600-bedroom luxury hotel site on Albert Embankment, SE1, for more than £65m.
Hunt had sought to sell the site two and a half years ago as a consented 166-flat scheme through Strutt & Parker and Ideal Land for around £50m. However, a fall-off in demand for luxury residential saw Hunt opt for a change of use to hotel.
Last autumn a £60m offer was tabled for the site, but rejected in the hope of a bigger offer once consent for the new scheme, known as Vox, was received.
Foxtons founder Jon Hunt’s Ocubis has appointed CBRE to sell a 600-bedroom luxury hotel site on Albert Embankment, SE1, for more than £65m.
Hunt had sought to sell the site two and a half years ago as a consented 166-flat scheme through Strutt & Parker and Ideal Land for around £50m. However, a fall-off in demand for luxury residential saw Hunt opt for a change of use to hotel.
Last autumn a £60m offer was tabled for the site, but rejected in the hope of a bigger offer once consent for the new scheme, known as Vox, was received.
Ocubis got planning permission for the 25-storey hotel from the London Borough of Lambeth last month.
The hotel, designed as two interconnecting towers, will be located near Vauxhall station.
Proposals also feature a new public space next to the hotel and a refurbishment at Vintage House, the only remaining Victorian warehouse on Albert Embankment, to provide flexible offices and creative workspace.
Ocubis had bought the site alongside co-investors through a vehicle called Hotchkiss, using proceeds from Hunt’s £390m sale of Foxtons to BC Partners in 2007.
CBRE declined to comment.
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