psst ... someone just bought a buy to let empire

padington

For 250 million.

Rinoa

Fergus.

http://www.theguardian.com/money/2015/dec/09/fergus-wilson-sells-buy-to-let-property-empire-foreign-consortium-landlord

princeofpounds

end of an era.


Wonder what the net price was (sales minus associated debt)

mayonnaise

Don't tell Crashy, he might blow another fuse.

Graham_Devon

princeofpounds wrote: »

end of an era.


Wonder what the net price was (sales minus associated debt)

Doubt we'll ever know, but would certainly be interesting to know. The price per unit appears to be huge though. Last I heard he had 700 homes left as he'd sold some off. That gives an average price of £357,000 per house. The average price of a semi detached in Kent is £225,000 according to the land registry. So he managed to sell each unit around £130k over the average house price in the area? Seems bizarre.

Few 10's of millions profit no doubt.

I'd also like to know the legal costs of selling all those homes. Must be staggering!! I also wonder whether the buyer will have to pay stamp duty on them all, or whether it's all avoided?

GunJack

I wonder what the nett value is, after all the mortgages are settled.......

cells

Graham_Devon wrote: »

Doubt we'll ever know, but would certainly be interesting to know. The price per unit appears to be huge though. Last I heard he had 700 homes left as he'd sold some off. That gives an average price of £357,000 per house. The average price of a semi detached in Kent is £225,000 according to the land registry. So he managed to sell each unit around £130k over the average house price in the area? Seems bizarre.

Few 10's of millions profit no doubt.

I'd also like to know the legal costs of selling all those homes. Must be staggering!! I also wonder whether the buyer will have to pay stamp duty on them all, or whether it's all avoided?

he has walked away with £50m or more

his only mistake was not to have done it in London, in which case he would have probably walked away with 5x as much

MFW_ASAP

All the hopes and dreams of the bears have been dashed forever.

princeofpounds

That gives an average price of £357,000 per house. The average price of a semi detached in Kent is £225,000 according to the land registry. So he managed to sell each unit around £130k over the average house price in the area? Seems bizarre.

I am sure he just rounded to the nearest £250m

purch

Graham_Devon wrote: »

The price per unit appears to be huge though. Last I heard he had 700 homes left as he'd sold some off. That gives an average price of £357,000 per house. The average price of a semi detached in Kent is £225,000 according to the land registry. So he managed to sell each unit around £130k over the average house price in the area? Seems bizarre.

Don't over think it Dev.

wotsthat

mayonnaise wrote: »

Don't tell Crashy, he might blow another fuse.

Crashy said only a couple of days ago the time to sell is NOW. Maybe his business of offering financial advice to millionaires (run from his bedsit) is starting to take off and Fergus is his first client.