West Ham Chairman David Sullivan is seeking to sell Russell & Bromley’s flagship shop next to Bond Street underground station to raise £50m it has been reported by CoStar News
The store which us located at 395-397 Oxford Street is owned by Sullivan’s investment vehicle Conegate which has a long leasehold with 137 years unexpired and is 100% let to the shoemaker until 2038. The property currently brings in rent of £1,600,000 per annum it is claimed.
CBRE is understood to have been appointed to advise on the sale.
In November Sullivan’s company Conegate sold Wingate House, a 70,000 sq ft mixed-use building in London’s Soho area, to BC Partners’ recently established real estate arm for a reported £81m. Conegate has 24 property holdings in London and the South of England, according to CoStar. The lion share of the assets are said to be retail properties.
According to The Sunday Times Rich List in 2019, Sullivan is worth £1.15bn much of it coming from his property holdings.
Lucky man. 🤙🏾
Yet The Boleyn Ground was sold for just 30m till it was moved on at an immediate profit
£38m
It’s not unusual in property development for sites to be sold on. All about risk versus cash in the hand, shifting valuations, and cash flows.
Hes a billionaire so if he loves west ham as much as he said he does you would think he would of plowed some serious money of his own in to the club….yes yes he has a bit ,before I get strung up…but has he really done enough…NO not by a long shot imo he loves money more than west ham and that’s the difference
To be fair I love money more than West Ham don’t you – don’t we all?
Ha ha ha ha ha ha do you know what hugh that’s the best response I’ve ever had of you ..you got me there buddy …😂😂😂cash is king £££
I even prefer money to the Rolling Stones. LOL and if you knew how much I love the Stones you’d gt it buddy. Point is they – like Levy, Glazer etc – are businessmen in it to make money. That what they do mate. It’s normal. LOL
If the owners are in it to solely to make money, why are some of our season ticket bands so affordable? Even if you think they were cheap in the first season because they feared not filling the stadium, they could have shot up this season, or indeed last.
Cant argue with that ..I can imagine you strutting your stuff to the rolling stones leather trousers an all 😂😂👍🎵
I live by my hero Keef Richards’ view: Asked what he thought of the internet he said: “Why would I listen to what some ******** I don’t know from 2000 miles away have to say about any f……g thing.” We’re all second to Keef in cool kip. LOL
I thought it was more like – Asked whether he read Claret & Hugh, Keef said: “Why would I listen to what some ******** I don’t know from 2000 miles away have to say about any f……g thing.”
After Saturday, it’s all over now …
Wrong again – as I said we’re all second to Keef in cool other than you Daze…not even in the line! Keef’s amusing rather than an irritating smart arse
Lol, sad but true,
How much should a billionaire gift a football team? I ask this seriously. How much is enough? It’s not like in Jack Walker’s day when you could splash a few million. These days you would be talking £100m -£200m to really move a team forward, and even then there’s no guarantee. And what happens if chucking money at a team in one season doesn’t work? Do you repeat it the following year. And the year after? Football clubs need to be sustainable, otherwise you risk ‘boom or bust’. And there’s a difference between wealth, realised, and cash at hand…
EXACTLY.
The best gift an owner can give a Football Club is good management leading to a sustainable future.
Frankly, if I were in Sullivan’s position, I’m not sure that I would do much more than make an interest free line of credit available either.
Who am I kidding; I’d probably gift the club one player a year (and not Roberto like either).
Just read this on another site. Sums up my feelings pretty well. Thoughts?
https://www.football365.com/news/west-ham-david-moyes-john-nicholson
Sullivan
Should not spend his kids inheritance on West Ham
Sometimes things have to stand up on there own two feet what we are better off doing in the summer iselling our so called better players and rebuilding with young hungry players
Let’s be frank – they have made many mistakes. Appointing Pellegrini was probably the biggest but hindsight is great. My biggest problem is the lack of vision and refusal to bring in a top director of football and relying on the objectionable Brady. I didn’t want to leave the Boleyn on the basis of over hyped expectations. However, when I read that they put money before West Ham I have to ask: Isn’t this what businessmen do – attempt to make a profit rather than spunking it all up the wall like that Ridsdale at Leeds?
My biggest issue with the board is the lack of infrastructure at the club.
We all know about the, recently much discussed, training facilities but I understand the scouting network is bear bones and that just isn’t on.
And agreed on a decent DoF.
Spot on there Hugh, Joe Lewis who owns Spuds got the right C.O.E in Levy ? Pains me to say !!! streets ahead on running a business ( and don’t do any side line jobs) just the day to day running of Spuds and look where they are to us ( as my Spuds supporting mates keep ramming down my throat??? )
I agree totally mate, im planning for next season in the championship already.Get rid of all the big names and start again with youth. Seems to me we have a team already with Anang, Johnson , Ngakia, Holland , Diangana, Cullen, Coventry, Bowen and Hugill for starters. Would love Rice to stay and captain us from centre back and only Snodgrass , Ogbonna, Antonio and Fornals to stay from the current squad. Everyone else can do one. And lets hope the owners sell up after the riots at the end of the season!!!
Perhaps our DoF was the worst appointment?
From Wikipedia:
[Husillios] returned to Málaga, again as sporting director, in October 2017. He came in for criticism for his transfer selections in a season that ended in relegation to the Segunda Division. He left the role on 8 June 2018. The following week, he was appointed director of football for English Premier League club West Ham United.
Business and indeed football is about Risk and Reward. Having taken control of the club, the shareholders have taken a few risks, but mostly these havnt paid off. They’ve certainly been rewarded through the growth in value in the club and the interest on shareholder loans, but now they seem content to leave it at that rather than take the sort of risks that have paid off for Leicester, Spurs, etc. It’s a shame that might still result in relegation and no one could claim that this feels ‘next level’.
Don’t think Spuds and Leicester have taken risks. They have intelligent, sustainable business models in place and have had for some time. They recognise, scout and buy in the exact players they need with no fuss or fanfare. Their wage structure is reasonable and kept to rigidly. Quite often they actually make money on their outgoing players. Their hierarchy are rarely seen or heard in the media. Wolves are also on the same path.