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TODAY'S OTHER NEWS

250-year-old pub to make way for Foxtons

A 250-year-old pub in Elephant and Castle looks set to become Foxtons’ latest branch. 

The pub, named The Elephant & Castle, closed earlier this year after a stabbing incident and Foxtons has since applied to change its use. 

Southwark council received Foxtons’ application on April 17 and if the site is not awarded Asset of Community Value status by mid -June, the agency will not need to gain planning permission to change its use. 

The application is currently listed on the Southwark Council website and as yet has received no comments against it. 

“We’re really excited at the prospect of opening an office right in the heart of Elephant & Castle. We’ve been operating in the area for years now from our nearby London Bridge office and in the last year alone we’ve dealt with hundreds of properties and people there,” a spokesperson for Foxtons told Estate Agent Today. 
 
“As always with our new offices we’ll be on the lookout for great local talent to contribute to their success,” they added.

Housing campaigner Piers Corbyn told the Evening Standard: "It's a historic landmark and turning it into an estate agent is just an expression of the disgraceful events taking place in Southwark.”

He added that Foxtons’ move is a ‘provocation’ to anyone concerned about the heritage of Elephant and Castle. 

This latest move is part of Foxtons’ ‘branch opening programme’ which is being managed by commercial agent Montagu Evans. 

Montagu Evans is advising Foxtons on the acquisition of the sites it seeks which it says often contain listed buildings or have conservation area status. 

Earlier this week Westminster Council ordered another estate agency, Champion Estates, to stop operating out of a pub in St. John’s Wood within 28 days.

The Star was awarded Asset of Community Value status in February, meaning that the building can only be used as a public house. 

Despite this, Champion Estates has been working out of the building since March and its owner says he has no intention of leaving.

Foxtons has also been in the mainstream media this week after the Guardian reported that the agency had been given a ‘sell’ recommendation due to a fall in shares

The newspaper says that Foxtons is the biggest faller in the FTSE 250 with shares down 11.5p to 273p.

Market broker Peel Hunt’s sell recommendation was accompanied with a warning that it sees Foxtons’ sales commission rate of 2.4% likely to come under pressure from ‘lower priced competitors’.

  • Rob  Davies

    This is going to make Foxtons even more popular. As if their brand wasn't toxic enough.

    I'm also a bit surprised that the use of the building can be changed so quickly if it's not of high enough value to the community. Again, if Foxtons continue to go after listed buildings/conservation sites, they'll make themselves even more unpopular.

  • Algarve  Investor

    Typical Foxtons.

  • Emma  Mitchell

    They are certainly in danger of making themselves too ubiquitous. In which case they need to be careful of the old 'familiarity breeds contempt' argument.

    While their ambition should be commended, over-saturation is never a good idea. I think Foxtons are too easily made a scapegoat for what the public perceive as the worst aspects of estate agency, but they certainly don't help themselves sometimes.

  • icon

    Well well well, bit of a theme emerging here like McDonalds swooping in on old banks for their franchises...

  • Jon  Tarrey

    Wonderful. Foxtons spreading their wings even further afield. Just what we need.

    I don't think they'll be happy until they have a branch in every part of London. Do they not listen to the public? Actually, scrap that, of course they don't. Fingers in ears, heads in sand, just plough on regardless. Expansion, expansion, expansion, no matter how many local residents you annoy, that's the Foxtons way.

    They really don't care about their reputation, do they? I quite admire that, but surely this us v the world mentality can't last forever.

  • Anna  Dickson

    Surprise surprise, another branch of Foxtons opening. It's sad to see another pub disappearing from London, although is it wrong to say that I almost admire their ruthlessness?

  • Robert  McKechnie

    They are ruthlessly effective. That means they're not very well-liked, but people must be using them otherwise they wouldn't be so big. If they carry on making themselves so unpopular, though, they're putting their success at risk. As the FTSE 250 would appear to indicate.

  • Tom  Harrington

    Foxtons doing themselves no favours.

  • Neil Briggs

    Not sure this is one of Foxtons brighter moves, but we shall see. Their expansion plans are very ambitious, but they've surely got to run out of steam at some point. They seem to face stiff opposition whenever they try to open a new branch.

  • Tim Gorgulu

    Can't see what Foxtons are hoping to achieve with this endless expansion. All they're doing is making themselves more unpopular. Maybe, you know, if it can't be put back into use as pub, it could be turned into housing instead. We're a bit short of that at the moment, especially in London.

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