Foxtons Founder Launches New Property Company

 

The founder of Foxtons, Jon Hunt has launched a new investment company dealing in residential property. Bacchus Partners will be funded by the £360m raised from the sale of London-based estate agency Foxtons in 2007.

The venture will fund the purchase of disused land and property, securing planning consent and then building residential and retail schemes. The company has funds prepared for up to 200 new site acquisitions per annum.

Bacchus has already acquired more than 20 sites in the South East of England, including commercial buildings not in use and lock-up garages. These sites also include brownfield land that requires securing and cleaning up prior to development.

The new company is now looking to find up to 20 investment surveyor partners across the UK who will become stakeholders in the business and assist with new site acquisition. Hunt said: “The country is littered with run-down sites that are often a blight on the neighbourhood. There is a huge demand for both affordable and private housing, as well as jobs for the local community. Our market is about turning that blight into both social and financial benefit. “To achieve that I would like to work with a small group of experienced partners who can identify these sites – and I mean proper property people and a proper partnership, where they can share in the risk and the reward of the business over many years, as well as being allowed the freedom and cash backing to get on with it.”

 

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