Dalton House Investments
Annual Report - 2011
2011 has in terms of business been a successful year and my accountant will tell me - my most successful yet but that is not the be all and end all. In terms of enjoyment it lost the edge. Make no mistake I still get the buzz and feel privileged to be busy all the time but this year at times it was a bit too hectic and the aggravation which to me is 'like water off a ducks' back' at times was unremitting.
We started off with a superb holiday in January but on the final day Kath fell in the bath and hurt her ribs. That lead to an X ray that revealed a large thyroid growth and in turn major surgery - so not all plain sailing. Undeterred we kept busy moving home to Manor Road in Saxilby which was a major 4 week refurbishment exercise - well done Graham! We also bought a little house for the retirement fund. We also spent a lot of enjoyable time in the summer on the North Norfolk coast at the caravan - a change of mobile phone provider meaning business could continue 24/7 in idyllic surroundings.
Mind you one call while strolling over the beautiful Holkham Beach went a bit too far - a small two bedroomed flat in East London effectively squatted by 10+ people creating a situation where the ceiling fell in on the tenant below. Still with the aid of a Polish builder tenant nearby it got sorted and eventually I got possession.
I did sell some nice properties as well and probably the nicest was a £600,000 'cottage' nr. Hereford which had a view to die for.
Some jobs that I have had for a while got completed. The sale of two flats in Brixton saw the end of 13 central London properties that I got started on in 2007 and the sale of several office buildings near Oxford also helped to clear the decks. Mind you there was no shortage of replacements.
November 15th seemed a typical day. Up early to deal with the e.mails etc. then off to Wakefield for a noon appointment. The borrower who I was to meet to look round this gem didn't turn up so I carried on anyway.
1881 Victorian Splendour
Whilst he's on the phone explaining how it's worth £600,000 I'm thinking £150,000 tops. Popping in to see an old friend who knows what every inch of Wakefield is worth was a pleasant diversion before going on to the next job in Leeds when things really did go downhill!
Having said that the tenant of this quality investment was a nice lad. When I told him my son lived in Leeds 6 over an International Supermarket and in the same parade as an Indian hairdresser who charged £4 and if you had to wait for your haircut he included a cup of tea quick as a flash he said - Brudenell Terrace!.
Clearly the ethnic community in Leeds is very tight knit.
The tenant clearly recognised my youthful good looks and advised me not to retire. He said his father had retired recently and was starting to shrink - not a good move. So it looks like I'm in the frame for quality instructions like this for some time to come.
Mind you if you want a bit of quality I do have an office park on the market in Spalding at £1.4m, an new office development in Lincoln on the market at £1.2m and a nice little investment newly let to Lloyds Bank under offer in Stockport so we are not short of quality. All we need is a few people with a bit of money.
In a residential area - Armley style
After that it was a nearby scruffy residential development site to complete the trio. The highlight of the day came later when I met Matt, my youngest son and went for a meal at Murgatroyds - a must visit fish restaurant in Yeadon.
The Polish waitress was laughing with me when she brought the pudding and yes I managed it all - greedy bugger!
Back home for 8 pm and with the mobile ringing in my ear - a typical day. It shows you that in the face of adversity you have to make the enjoyment.
It wasn't all bank receivership work this year - not quite. I still managed a few rent reviews and lease renewals and in a few cases still managed to obtain rent increases although they are getting few and far between.
In Lincolnshire I even sold a pub for use as a pub! I recall the Agent who sold it telling me he had done a good job on the previous instruction I'd given him when he sold 'The Maine Road' P.H. at Sport City in Manchester. I think he thought by selling the property to the football club he had caused their £195m trading loss. I had to explain that 'the good price' he had secured was about 3 days wages!
So we will all have to soldier on and see what 2012 brings. Let's hope the Olympic year helps to lift the gloom. It hasn't done much yet for my Receivership on the five flats in Leyton but I'm keeping my fingers crossed.
This photograph I took in the Rockies should be cold enough for a Christmas pic!
All the Best for Christmas
and the New Year
|
Dalton House Investments |
Annual Report - 2011
|
2011 has in terms of business been a successful year and my accountant will tell me - my most successful yet but that is not the be all and end all. In terms of enjoyment it lost the edge. Make no mistake I still get the buzz and feel privileged to be busy all the time but this year at times it was a bit too hectic and the aggravation which to me is 'like water off a ducks' back' at times was unremitting.
We started off with a superb holiday in January but on the final day Kath fell in the bath and hurt her ribs. That lead to an X ray that revealed a large thyroid growth and in turn major surgery - so not all plain sailing. Undeterred we kept busy moving home to Manor Road in Saxilby which was a major 4 week refurbishment exercise - well done Graham! We also bought a little house for the retirement fund. We also spent a lot of enjoyable time in the summer on the North Norfolk coast at the caravan - a change of mobile phone provider meaning business could continue 24/7 in idyllic surroundings.
Mind you one call while strolling over the beautiful Holkham Beach went a bit too far - a small two bedroomed flat in East London effectively squatted by 10+ people creating a situation where the ceiling fell in on the tenant below. Still with the aid of a Polish builder tenant nearby it got sorted and eventually I got possession.
I did sell some nice properties as well and probably the nicest was a £600,000 'cottage' nr. Hereford which had a view to die for.
Some jobs that I have had for a while got completed. The sale of two flats in Brixton saw the end of 13 central London properties that I got started on in 2007 and the sale of several office buildings near Oxford also helped to clear the decks. Mind you there was no shortage of replacements.
November 15th seemed a typical day. Up early to deal with the e.mails etc. then off to Wakefield for a noon appointment. The borrower who I was to meet to look round this gem didn't turn up so I carried on anyway.
1881 Victorian Splendour
Whilst he's on the phone explaining how it's worth £600,000 I'm thinking £150,000 tops. Popping in to see an old friend who knows what every inch of Wakefield is worth was a pleasant diversion before going on to the next job in Leeds when things really did go downhill!
Having said that the tenant of this quality investment was a nice lad. When I told him my son lived in Leeds 6 over an International Supermarket and in the same parade as an Indian hairdresser who charged £4 and if you had to wait for your haircut he included a cup of tea quick as a flash he said - Brudenell Terrace!. Clearly the ethnic community in Leeds is very tight knit.The tenant clearly recognised my youthful good looks and advised me not to retire. He said his father had retired recently and was starting to shrink - not a good move. So it looks like I'm in the frame for quality instructions like this for some time to come.
Mind you if you want a bit of quality I do have an office park on the market in Spalding at £1.4m, an new office development in Lincoln on the market at £1.2m and a nice little investment newly let to Lloyds Bank under offer in Stockport so we are not short of quality. All we need is a few people with a bit of money.
In a residential area - Armley style
After that it was a nearby scruffy residential development site to complete the trio. The highlight of the day came later when I met Matt, my youngest son and went for a meal at Murgatroyds - a must visit fish restaurant in Yeadon.
The Polish waitress was laughing with me when she brought the pudding and yes I managed it all - greedy bugger!
Back home for 8 pm and with the mobile ringing in my ear - a typical day. It shows you that in the face of adversity you have to make the enjoyment.
It wasn't all bank receivership work this year - not quite. I still managed a few rent reviews and lease renewals and in a few cases still managed to obtain rent increases although they are getting few and far between.
In Lincolnshire I even sold a pub for use as a pub! I recall the Agent who sold it telling me he had done a good job on the previous instruction I'd given him when he sold 'The Maine Road' P.H. at Sport City in Manchester. I think he thought by selling the property to the football club he had caused their £195m trading loss. I had to explain that 'the good price' he had secured was about 3 days wages!
So we will all have to soldier on and see what 2012 brings. Let's hope the Olympic year helps to lift the gloom. It hasn't done much yet for my Receivership on the five flats in Leyton but I'm keeping my fingers crossed.
This photograph I took in the Rockies should be cold enough for a Christmas pic!
All the Best for Christmas
and the New Year