Foxtons is closing its flagship central London office in Park Lane.
The Mayfair branch, in one of London’s swankiest addresses, is rumoured to cost some £2m in rent a year. Staff will be re-locating from the office, a neighbour of London’s most famous hotels, to Marylebone.
This morning a Foxtons spokesperson confirmed to EYE: “At Foxtons, we believe it’s the service we deliver that makes Foxtons the best place to buy, sell, let or rent a property.
“That’s why we’re dedicated to setting the standard for the property industry, and always looking for new ways to serve our customers better. We recently launched a new Foxtons Prime sales and lettings team focused on providing a bespoke service for high-net-worth individuals and their £3m+ properties.
“The team will be moving from their dedicated offices in Park Lane to our flagship Marylebone office to join up with our other services. The team will continue to cover Mayfair and the rest of Prime Central London whilst also working across our network of 65 branches in Greater London.”
Foxtons has been hard hit by the downturn in the London market. In July this year it posted a pre-tax loss for the first six months of £2.5m, down from a profit of £3.8m for the same period in 2017.
Park Lane and Mayfair are the most famous addresses on the Monopoly board.
The Park Lane office of Foxtons was considered so emblematic, that it was made the destination for the notorious easyProperty ‘funeral’ march, when the online agent made a show of its belief that high street agents were a dying breed.