Ocubis, a property development and management company whose CEO is one-time founder of Foxtons Jon Hunt, has secured permission to develop a hotel in Shoreditch.
The hotel at 49-51 Paul Street will be built on a derelict site which has been vacant since the 1970s and will have 145 rooms over 10 floors plus a 174 sq m café/restaurant.
The project is located in an area which has developed a reputation for its creative and tech sector. Hunt is reported as saying: “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.”
Ocubis is currently pursuing a number of boutique projects in high profile London locations and Jon Hunt has a reputation (although he has denied it) of being astute in timing the market. Some investors might see this as an indication that if Hunt sees more opportunities in Shoreditch then we should be there too.