Ocubis, a property development and management company whose CEO is Foxtons’ founder Jon Hunt, has sold a proposed hotel site it owned in Shoreditch, London, to an Irish hotel group.
Dalala Hotels Group has
bought the site on Paul Street
complete with planning permission for a 140 bed hotel, reports say. The company
paid £32m for the site and plan to invest a total of £60m including the land
cost to build the hotel which will be operated under its Maldron brand.
CBRE and Capital Real Estate Partners advised Ocubis on the sale of the site. Lewis Corby, director, hotel brokerage and investment sales at CBRE, suggests that interest in the site was strong, He comments: “We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.”
While there has been much
talk of foreign buyers bagging Brexit bargains in London
this, given the fact that Ocubis is a shrewd operator in the London market, is unlikely to be one of them.
If anything it serves to confirm that the London
commercial market is indeed still alive and well.