Why the man who brought New York living to London thinks the capital is set for success
New York and London have a lot of similarities – a fast paced lifestyle, diverse population and a bustling financial centre.
To that we can perhaps add a shared aesthetic of urban living, with ‘loft-style’ Manhattan living now all the rage. The man most responsible for that might well be property entrepreneur and developer John Hitchcox.
In the 1990s, Hitchcox brought quintessential New York loft living to London, co-founding the Manhattan Loft Corporation (MLC), creating trendy homes from derelict warehouses and former factories.
His ‘Big Apple’ influences can also be seen in his luxury real estate development The Lakes by Yoo – bringing a Hamptons style city escape to the Cotswolds. The idea is to give cash rich Londoners a break from the hustle and bustle – some with permanent homes, and others in the on-site, bookable villas.
Homes in the 850 acre private woodland sell for upwards of £810,000 and celebrities such as Kate Moss and Jade Jagger have also designed homes at the site. “The community is thriving,” Hitchcox tells City A.M. There’s even a classic car club.
Business appears to be thriving.
“We’ve had 10 per cent annual property price growth at the lake since we started [in 2007]. It’s been really strong financially and everyone who’s bought has made money,” he shares.
“We sell about 20 houses a year, whether they’re completed or their plot sales, so it’s pretty steady and the value of the estate is just under one billion pounds now,” he adds.
But away from his rural idyll, Hitchcox is also keen to continue transforming London’s distinctly urban environment.
Hitchcox’s aptly named capital market firm Yoo Capital has pumped £3bn of investment into London with his latest project including the redevelopment of the Olympia, a landmark events venue in Hammersmith.
The rejuvenation of the exhibition halls includes a new live music venue, a theatre, two hotels, a slew of restaurants and bars, 550,000 sq ft of creative offices and 2.5 acres of gardens and public space – all set to open in 2025 and costing over £1.5bn.
“It’s probably the largest public project in Europe at the moment. We expect to attract 12 million visitors a year,” he said.
Hitchcox is excited about the venture, viewing it as a chance to exhibit the skills he learned overseas in the US decades ago to his home Canada and also sink his teeth into a project which has “very little residential”.
He said: “[It’s] more about supporting the fabric and the trajectory of London, which is the most successful city on the planet by a long way.”
Some of Yoo Capital’s other projects include a £5.4m transformation of Shepherds Bush Market and the Old Laundry Yard with plans to create a life science incubator as well as affordable homes within the region.
However, in the wake of a cost of living crisis and political turmoil – it’s easy for some to currently question the capital’s position as one of the most “successful” cities in the world, especially as businesses buckle under inflationary pressures.
“It’s going to take a lot to knock London off its perch,” said Hitchcox, stating that the capital’s investment property still sets it aside from competitors.
He concludes: “However bad the politics are, however bad the management is, the building’s carry the City forward.”