Property investors have plans to grow after doubling money on Leeds offices
LONDON-BASED property investors Ace Liberty & Stone have topped a great start to the year with stellar results.
The company recently sold Hume House in Leeds for double the price they paid for it at auction two years previously.
It acquired the site £1.675m at auction in February 2014. It has now sold it to an unnamed buyer for £3.55m, with the deal expected to complete by the end of this year.
The deal represented a profit of £1.88m on the 18,716 sq ft property.
Read more here: Property investor doubles money on Leeds offices…
Turnover for the business was up 145% to £989,571. Pre-tax profits soared 82%, up from 2014.
Chief executive Ismail Ghandour and finance director Ivan Minter spoke to TheBusinessDesk.com about 2015 and plans to expand in the Yorkshire area.
Mr Minter said: “It was really satisfying to get the transaction on Hume House through. We saw it through from beginning to end. Buying it from auction 2 years ago, we thought we had a good price .
Mr Ghandour agreed. He said: “We got a great deal on Hume House and knew we’d get a good return on that site. We got a fantastic price – you never lose when you make 100% profit!”
The company has other properties they are focusing on in Leeds, as well as two in Sheffield.
Mr Ghandour said: “The only problem is the lack of properties that fit our bill. It’s getting harder – everyone is investing in property now. fingers crosses. Leeds is a tough market, we haven’t quite found what we want yet.”
Speaking about Yorkshire, Mr Minter said: “It’s been a good area for us to be involved in. We have found that it is a dynamic and flourishing area. The local dynamism in Yorkshire was instrumental in moving the properties on.”
“Selling Hume house has set the bar really high,” said Mr Ghandour. “We have to work harder. We have a good network of agents and just need to keep doing what we’re doing. I love yorkshire and want to carry on working here.
Mr Minter finished: “As Ismail said, the difficulty is locating properties with potential. that’s where Ismail and our commercial director Mark (Thomas) benefit the company. As long as they can find suitable properties with good prospects and tenants we can draw in shareholder funds due to our great track record, and hope to continue doing so in Yorkshire and the rest of the UK.”
