Property tycoon John
Hitchcox says he is avoiding residential developments in the UK for now, and will focus on a £1bn redevelopment
of London’s Olympia exhibition centre.
Hitchcox’s Yoo Capital Olympia scheme will incorporate two new hotels, restaurants, a theatre, performance space to create a new performing arts and cultural district, 670,000 sq ft of offices and a hub for tech companies.
Hitchcox said in a
Bloomberg report: “London
is a great city and will always be a great city, and this will keep us going. It’s
a very long term project: Brexit is going to be over, and we’re going to be in
construction for the next three years.”
In the report Hitchcox
said that as well as Brexit which he has believes has paralysed the market,
taxation had become too much of a burden on the residential development market.
The Olympia scheme will change the face of an iconic London landmark which hasn’t changed much as far back as most people can remember. Quite apart from that, in times when there are plenty of investors who are investing in residential, Hitchcox’s comments represent an interesting and perhaps cautionary alternative viewpoint.