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August 1, 2019

Developers Seek New Uses For High-End Resi Schemes As Market Stagnates
Don't miss Ballymore Group Managing Director John Mulryan at Future Of West London 2 October

It neatly sums up the current state of the high-end London residential market: The man who made his fortune selling London flats is switching a big development next to Thames from residential to hotel use because the apartments aren’t selling.

Ocubis, the property development company of Foxtons founder Jon Hunt, has ditched plans to build 166 luxury apartments at a site on Albert Embankment near Vauxhall and is now planning to build a 660-room hotel instead.

It is just one example of a developer which planned to build high-end residential units changing tack, as the Prime Central London residential market remains well below its 2015 peak.

Developers Seek New Uses For High-End Resi Schemes As Market Stagnates

Ocubis held a public exhibition of revised plans for its Albert Embankment scheme at the end of last month. The original plan comprised two 25-storey residential towers being built on the site of a Texaco garage, with a warehouse next door called Vintage House being retained and refurbished to contain…

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