Foxtons founder Jon Hunt’s serviced offices business has seen occupancy levels fall due to people working from home during the pandemic, new accounts show.
Hunt’s property business Heven is behind investment and office development firm Ocubis and Pavilion, which runs three upmarket business centres in London offering flexible leases to startups and small businesses.
In results just filed, Heven said it was “not exempt from the magnitude and speed of the [virus] crisis and the result was a fall in occupancies across the serviced office business”.
However, Matt Gresham, a director at the group, said: “We are confident that London will continue to attract world class companies whose staff will want to work, meet and socialise in vibrant locations.”
He added that occupancy levels had been increasing in recent months.
Office firms feel chill from winter work from home plans
Heven was set up in 2007, the same year in which Hunt, now aged 67, sold estate agency business Foxtons at the top of the market for £375 million before the credit crunch struck.
Heven saw pre-tax profits jump to £30.7 million from £5.7 million last year, because of cost savings and the sale of a property it had a stake in. Turnover decreased 6.5% to £18.4 million because one site was closed for refurbishment.