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Development company Ocubis, owned by Foxtons founder Jon Hunt, has secured planning permission to construct a new 145-room hotel on 49–51 Paul Street in East London’s trendy Shoreditch area.
An extremely successful businessman in London, Hunt sold estate agency Foxtons for £375 million just before the credit crunch, and this significant new investment comes despite continued speculation that Brexit will have a negative impact on the London market in the coming months.
Talking about the deal, Hunt said: “Shoreditch has recently become a destination of choice for tech companies together with a wide range of start-ups and this, coupled with demand from younger tourists, makes this a good place to construct and open a hotel.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.