Investment Property Frenzy
The UK tycoon behind the proposed Shard of Glass skyscraper in London is intending to expand his investment property portfolio by spending over £300 million in the coming year.
Irvine Seller, 67, aims to double the size of his investment property portfolio, which has begun with a £48 million purchase of a commercial property from Israeli group Africa Israel. The possession of this investment property is believed to earn Mr Seller a seven per cent initial return.
Seller plans to expand his investment property portfolio by spending over a quarter of a million pounds in the next twelve months. At present, his portfolio is estimated to be worth in the region of £400 million. The property portfolio includes Seal House in London, which is let to Merrill Lynch.
Being the owner of the Seller Property Group, the entrepreneur in question has been mostly involved in large scale projects in recent years, the most famous of which is the proposed London Bridge Tower, otherwise known as the Shard of Glass. The drive to acquire more investment property has been launched to hopefully provide extra income from lettings, which in turn will fund the large scale projects.
Primarily, Seller intends to purchase investment property in the UK, being a mixture of office buildings and industrial parks, but is also believed to be considering several opportunities in Europe.
Seller’s spending frenzy overlaps with the record rush into the commercial investment property market, as UK investors look for alternatives to gilts and equities.
Date: 01.09.05
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