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Dear Investor,
It’s been a few weeks since my last e-newsletter and from both a business and personal perspective it has been extremely busy. I had lunch at Anfield (thanks Colin, Peter and John), lost some money at Aintree Races (great to see the Patel and Smith families), and went up and down the M6 a couple of times to my home in the Lake District where I had some friends staying. In terms of business.................
The Grove Spa Resort, Cyprus
Construction at The Grove Spa Resort in Cyprus is moving at a pace although the unseasonal weather continues to hamper progress. For those following the construction of this development the Construction Blog has the latest pictures. A link can be found at the bottom of this newsletter.
UK Distressed Assets
Distressed Assets recorded another notable success this week. We purchased a new-build 2 bedroom apartment in the Streatham Hill area of London which is 5 minutes walk from Streatham Hill railway station for £155,000 with a 8.5% yield and 35%+ below current market value. Only 3 days earlier the bank was asking for a higher price, but we managed to secure an even better deal by moving very quickly and decisively.
Henry and his team have built up some strong key relationships over the past 7 months which are bearing fruit. You will see the quality of the deals we are securing by visiting the website at www.distressed-assets.co.uk creating long-term value and wealth.
Yesterday, we received a complete UK portfolio from administrators to research and cherry-pick before it is placed with estate agents prior auction. Relationship building, research and analysis is the key to success in this market and time and effort now will bear substantial low risk returns in the future.
UK Distressed Assets Seminar Tuesday 21st April 2009 at 6.30pm in London
Distressed Assets will be holding a seminar in London on Tuesday 21st April 2009 at 6.30pm in which we will explain how you can create low risk long-term wealth through investing in UK property now. Not when the market turns, not when the newspapers talk it up, but now when it’s an investors' market and banks are offloading repossessed properties quickly in order to repair their balance sheets.
If you wish to attend, we have a few places remaining. Fill in the form now at www.distressed-assets.co.uk to apply for a ticket. The seminar is free and I hope to have the opportunity to meet you on the night.
Economic Data
We have seen some interesting data over the past week from the US and also in the UK. Have a look at my blog for details. Although a “recovery” is not around the corner, the “rate of decline” is slowing. In an economic climate of doom and gloom, this fact has gone unnoticed in the mainstream press.
The “Money Tsunami” I keep speaking and writing about is still offshore, but is heading towards land. UK individuals have recently paid down £8 billion in debts, the savings ratio has increased and we are seeing some companies such as Marks and Spencer and JD Sports (only this morning) doing better than analysts expected. I am personally better off by over 60% on my UK mortgages and the additional revenue is being re-invested into refurbishments and other opportunities which has a positive “economic effect” in terms of multipliers and accelerators. How many other people are sitting on higher cash balances as a result of historical base rate reductions?
As an economist and investor, I find present day events fascinating and I am excited about the opportunities we are finding. The times are unprecedented and in my view so are the investment prospects for those with the foresight and courage to act.
Happy Easter
Whatever this weekend means for you, I hope you have a good one!
I am having a few days off and staying in Liverpool. The weekend inevitably revolves around family and friends and Anfield on Saturday for the Blackburn game. In the meantime, we have Chelsea to contend with tonight!
Best wishes
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