Keep calm and carry on, says Glenbrook director
A DIRECTOR of a Manchester-based property development and investment company has delivered a post-Brexit vote “keep calm and carry on” message.
Guy Butler, who runs Glenbrook alongside fellow director Ian Sherry, who founded the company in 2011, reckons new build private rented sector the company specialises in stands to benefit from the jittery financial climate following the surprise referendum outcome.
“People like stability,” he told TheBusinessDesk. “It underpins the whole of the property market. When things are stable and people know where the value of their property is going, it helps people do deals and grow.
“But I think what’s going to be very interesting is that the build to rent sector will thrive because of the instability.
“Whereas build for sale will be unsettled, the build to rent sector will do well because people won’t need to have a mortgage. It will give investors some stability, which is what they want. That’s the one good thing.
And he joked: “I read the Financial Times at the weekend, and I wanted to jump off a tall building. Every article was negative.”
He went on: “When stability comes back I think people will start trading again.
“There has been a panic going on. I was away last week and I woke up in France on Friday morning and I was watching the stock market move and there was an immediate panic in the markets and then things recovered. The Euros been the same.
“Big town centre regen projects are going to take a bit of a hit for a while, I suspect. Which was the last thing we wanted.
“The thing to remember is nothing has happened yet. Article 50 (of the Lisbon Treaty triggering the UK’s departure from the EU within a two-year time frame) hasn’t even been served yet.
“The Prime Minister’s announced he’s going to be leaving in three months, so that’s not happened yet. Interest rates have not changed.
“As long as the flow of money keeps coming out from London. The Manchester property business isn’t based in Manchester. It’s based in London. That’s because it’s where 95% of thhe money comes from. There’s perhaps 5% of the money up here.”
Key projects Glenbrook has been involved in include the former HMRC offices on the waterfront in Liverpool. Working with building owner Mapeley, Glenbrook secured planning for 240 apartments, tailored for the PRS sector. The £30m scheme was delivered in September 2016 and fully occupied by Christmas.
In Manchester, Glenbrook is behind a scheme to deliver 232 apartments in a former office building.
