Jon Hunt, the founder of high profile estate agency Foxtons, has made almost £100m profit by selling a London office block he bought just four years ago.
Hunt bought Princess House in EC4 for £29m in 2014, before extensively refurbishing it and relaunching it as Cannon Green. His investment company Ocubus is now reported to have sold the building to Korean investment company Kiwoom for around £120m.
Hunt originally founded Foxtons before selling it just before the 2008 financial crash. It is also understood Hunt owns a £60m portfolio of commercial property and has a net wealth of £1.4bn.
Sources have reported the sale as evidence of Hunt’s astuteness in the property market, which is undoubtedly true. However, that disguises what is really the main story here – the willlingness of yet more Asian investors to splash out on London commercial property in spite of Brexit uncertainty, or perhaps because of it.