Property Focus: The Interview – Darryl Lee
IN our series of interviews with top professionals from across the property sector, TheBusinessDesk catches up with Darryl Lee, director of Warrington-based short-term property lender Goldentree Financial Services.
What are your views of the current state of the commercial property and property development markets?
Commercial property and development markets are in a very difficult place due to a combination of bank pressure, little occupier demand and the cost of holding empty property. Investment demand for smaller sized well let investments is strong due to likely long-term low interest rates but even this market was affected by the announcement of public spending cuts after the General Election. Speculative development is only for the very brave or those with significant cash resources.
What key challenges and pieces of legislation do you think will most affect your sector over the coming months?
As I work in the bridging finance industry the immediate prospect for a change in interest rates is key. Business confidence is weak enough, so a raise in rates would stifle any possible green shoots of recovery. I would like to see a change in the rating of empty property as this is also the bane of most property investors.
Why do you think the North West is a good place to do business?
The North West and Manchester in particular has so much to offer in all fields of business, leisure, science and industry, as well as world class educational facilities that make it an obvious choice for companies who do not need to be London-centric. Liverpool has also seen massive improvement in these areas over recent years and probably offers even more areas for growth and external investment.
What is your favourite building/development in the North West and why?
The Peninsula. The new head office for Peninsula Business Services situated opposite the MEN Arena. I had a significant part in its development and I believe it is the start of major development in this part of Manchester. The building looks fantastic and I am proud to be connected to it.
If you could improve anything in the region, what would it be?
On a general point I would like to see a faster development of the Metrolink across all parts of Manchester. On a personal point I would like to see Altrincham revitalised as it is my home town and has a very tired feel about it.
What was your first job and how did you enter your current line of work?
After qualifying as a surveyor in 1983 I started work for Roger Hannah and Co in Stockport, which I still remember fondly. Prior to that I spent a summer making Yoghurt for Healds Dairy in Didsbury – I have never eaten yoghurt since.
What do you most enjoy about your job?
My current job running a bridging finance company involves me in making property lending decisions UK wide and I enjoy visiting places I have never been to.
What barriers have you faced during your career and how have you overcome them?
Not really faced any, as it is possible to go over, under or around any barrier.
What is the best piece of advice you’ve ever been given?
‘Your initial gut feeling is generally the right one’.
And the worst?
I invested in a business on someone else’s advice, and the outcome was not what I hoped for. I’ve always trusted my initial gut feeling since then.
