By continuing to use the site you agree to our Privacy & Cookies policy

Your browser seems to have cookies disabled. For the best experience of this website, please enable cookies in your browser.


Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.


Oracle's surprise cash offer leaves partygoers high and dry

Six hundred guests to a launch party for a Richard Hywel Evans (RHE) scheme were left high and dry when the entire development was snapped up for £25 million on the eve of the party.

The 'Spanish-themed' Pegaso development in the heart of London's 'trendy' Hoxton is a seven-storey, 56-apartment scheme aimed at City workers.

But with partygoers preparing for their night out, the event - aimed at attracting buyers and developers - was unceremoniously ditched when Singapore-based Oracle Investments put £25 million on the table for the entire scheme.

A spokesman for RHE admitted that the surprise cash offer 'was bad news for the venue and the 600 invitees which included prospective buyers'.

He added: 'Oracle thinks that by the time the development is finished in May 2008 it will be worth far in excess of what they have just paid. Who said the London property market was cooling?'

by Max Thompson

Have your say

You must sign in to make a comment.

The searchable digital buildings archive with drawings from more than 1,500 projects

AJ newsletters