Foxtons’ Founder Plans Sale of London Towers ProjectBy
Foxtons Group Plc founder Jonathan Hunt plans to sell a plot of land in London’s Vauxhall district with approval for luxury residential towers, two people with knowledge of the sale said.
Ocubis Ltd., Hunt’s property company, has appointed broker Strutt & Parker LLP to sell the land at 36-46 Albert Embankment, which overlooks the River Thames and is valued at about 50 million pounds ($65.7 million), the people said, asking not to be identified because the plan is private. The project includes 166 apartments in two 25-story towers, as well as offices and stores.
A spokesman for Ocubis was not in a position to comment.
A two-year decline in residential land values in London’s priciest districts has flattened out, broker Knight Frank said in a July report. The sale of the nearby New Covent Garden Market plot, together with a large sale by Royal Mail in the Farringdon district, highlight renewed demand from developers to acquire land after tax hikes and Brexit uncertainty dented their appetite last year.
Hunt sold Foxtons to U.K. buyout firm BC Partners Ltd. shortly before the then-peak of the London housing market in 2007. He has since invested in a range of commercial and residential properties and development projects.