On the property ladder

23 November 2000 by
On the property ladder

A lot of people say this, but I really do enjoy work. Dealing with big-time property sales and acquisitions is something that always gives me a buzz. We've acted in £2.5b of business in the past three years and dealt with Pelican, Richoux, Smollensky's, Capital Radio - all the names everyone knows in the business.

My day starts early as I don't need a lot of sleep - six hours is enough for me. That happens when you get older, doesn't it? I'm usually up at about 6am and thinking about exercise. I'm not a health and fitness person by choice. Four years ago I was very ill and needed to do something with my waistline and change my eating habits. I cut out red meat, fats and took to eating lots of fish.

I live close to Regent's Park and go there two or three times a week at about 7am for a game of tennis. You'd be surprised how popular early morning tennis is. If I have breakfast it is something low in cholesterol and fat, such as smoked fish or an egg-white omelette.

The office of Davis Coffer Lyons is just a walk away from home in Mayfair and I'm in by at least 8.30am so I can start on the papers and the post. Then I hit the phones.

I'm on the phone for most of the morning. Making deals happen is all about being in contact with people. You have to know who wants to sell what, and who wants to buy what. None of this is ever public knowledge, it's about understanding where a particular business is going.

When it comes to meeting people, I try to do it on neutral territory. If someone saw me walking through the door who wasn't in on what was happening, it could cause difficulty. People know my line of business.

The trick in selling big lumps of property is knowing how to value the business. Valuation is a large part of Coffer Lyons's work. Banks and accountants do it mechanically, counting the assets, but we look at the future of the business, where we think it is heading. The real value of a business is what people will pay for it. If nobody wants it, it's worthless.

I avoid business lunches - food isn't really that important to me - but if the client insists, there's not a lot I can do.

Towards the end of the day I'm back in the office and turn on the television to look at the business channels, Bloomberg or CNBC. The USA is waking up then and I want to know what's happening. Tracking trends from the USA is something I've always done. The change that's going to take place next over here is debranding, where you are part of a chain but have an independent look. I can sense it beginning to happen already.

I work long days and there's a lot of pressure in the property business, but at home in the evening I can relax with my art and my music. That is, unless Arsenal are playing an evening match.

Interview by Bob Gledhill

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