This book is an illustration of a number of successful transactions carried out by Noble House Properties since 2007, possibly one of the worst recessions the country has ever seen.
1992 - 2012
Noble House Properties, different from other property companies In 1991 Frank Montanaro and Russell Kilikita created the company The Noble House Group. Both had substantial experience in the property field either in estate agency or property development.
Russell Kilikita and Frank Montanaro
In the beginning the company focused on purchasing and refurbishing residential properties.
Having been raised in North London and in
From there it successfully
particular Islington, each partner had a
expanded into obtaining sites for
comprehensive knowledge of this part of
alternative planning permission on
London and by pooling their professional and
brownfield and commercial sites.
local knowledge they soon began to grow the business significantly.
Upper Street, Islington, N1
“ An exceptional team with superb business relationships�
Today Noble House are proud to
They have successfully
have played a key part in the
undertaken many
transformation of Islington and
impressive new build
Hackney as one of the first
projects, several of
companies to drive major
which have been joint
investment and returns back
ventures with bankers,
into both areas.
housing associations as well as prestigious
They also embrace new ecological
national and international
building methods as they focus on
architects, developers and
meeting the growing need for social
construction companies.
and key worker housing. Noble Yard, N1
Camden Passage, Islington
The Noble House Group has continued to flourish despite three extreme global recessions since its launch. This has enabled them to adapt to difficult situations in a better and more pragmatic way.
Business Centre, Coleman Fields
Noble House Properties also operate two superbly equipped ‘Islington Business Centres’ located at the Angel and Business Centre, Angel
Coleman Fields.
Noble Yard Islington, N1 Planning, Development and Break-Up Purchased 2007 - 2010 • Acquired land from council under possessory title. • Obtained planning of 2 houses. • Build contract £1m. • Market collapsed/site in negative equity 2009. • Increased specification. • Sold both houses January 2010. • Won Evening Standard ‘Best Small Development’ award 2010.
Noble Yard, Islington, N1
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Fourscore Mansions Albion Drive, Hackney E8 Break Up and Block Purchase with Planning Gain December 2009 • Freehold block of 12 flats purchased off receiver in December 2009. • Pre sold flats to cash consortium formed by and including us. • Retained freehold and obtained planning permission for roof conversion which is now complete.
Banksy Space Girl and Bird Spray Paint Graffiti Art on Steel Wall April 2007 • Art appears overnight in various public locations. • Sold for £288,000 at auction. • Final price was 20 times its original estimated worth. • Commissioned by Blur for their Think Tank album cover.
Sidney Grove
Islington, EC1
Planning and Development
2010
• Purchased small office building in February 2010. • Planning was obtained in 6 months for conversion to two houses. • Build contract £330,000 to be completed in 24 weeks. • Was complete in 20 weeks and both houses sold within 12 weeks. • GDV £1.6m.
Sidney Grove, Islington, EC1
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Hill House Pentonville Road, Islington, N1 Development May 2007 - Sold July 2008 • Negotiated purchase on the site subject to planning for 30 apartments and ground floor retail in March 2007. • GDV of £11,000,000. • Pre sold 14 apartments to HA and 16 apartments to private buyers with releasable deposits and pre let retail space to Tesco for £85,000pa. • Spent an extra £250,000 upgrading specification in order to help presale valuations during downturn. • Build contract overran by 9 months deliberately by Nhp to wait for upturn. • Completed the sale of the Tesco’s investment in 2010.
Hill House, Islington, N1
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The Council Building Upper Street, Islington, N1 Planning and Break Up July 2010 - Present • Purchased 9 shops, Uppers and Site in August 2010. • Applied for planning to vertically split the whole building.
• Planning achieved at appeal. • If successful Nhp plan to separate and sell at £1.5m each. • GDV £14.5m.
Andy Warhol Campbell’s Soup Cans Silkscreen Print 1962 • In 1964 one of Warhol’s painting of a can of Campbell’s soup sold for US$1,500. • In 2006 was sold for US$11.7 million in 2006. • The highest price ever paid for a Warhol painting sold in 2009 for US$100 million for a 1963 canvas titled Eight Elvis’.
Buckingham Mews, Islington, N1
Buckingham Mews Islington, N1 Investment and Development • Large site and Warehouse acquired in December 2005 with JV partner with planning for 19 live/work apartments and houses close to new East London underground regeneration extension. • Warehouse with planning for the 6 houses sold immediately. • Spent 1.4 million on development. • All apartments retained. • GDV £7m.
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The Lofthouse Middlesex Street, London, E1 Planning and Development December 2009 - May 2011 • NHP purchased off market, disused
• NHC refurbished, budget of
warehouse with storage use.
£865,000, contract 10 months –
• Complex transaction as NHP had
both of these were met.
to purchase ltd company.
• All flats sold in 8 weeks.
• Planning obtained in 6 months for
• GDV £3.2m.
6 x 2 bedroom flats & ground and lower commercial.
The Craft Building Whitechapel, E1 Planning, Development and Hold May 2008 - Present • Nhp retained 8,000 sq ft of B1 warehouse for £800,000 which still had tenants in occupation. • Achieved planning permission in January 2011 for student accommodation, 35 units plus commercial space. • Negotiated agreement to lease upper floors to sanctuary housing D&B rating 5A for £210,000 per annum rising, with a 25 year lease. • Agreement to lease basement, affordable accommodation to SAFE studios with a 15 year lease for £20,000 per annum. • NHC currently carrying out £1.8m build to sanctuary specification, tenants will take occupation August 2012. • Estimated investment value £4m. • Building to be retained.
Internal Accommodation
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Sold
Jeff Koons Balloon Flower Stainless Steel Sculpture June 2008 • Koons’ work has sold for substantial sums of money including at least one world record auction price for a work by a living artist. • June 2008 Balloon Flower (magenta) was sold for £12,921,250.
De Beavoir Crescent Hackney, N1 Planning and Sell June 2008 - November 2009 • Purchased off market in 2008. • Vacant canal side plot of land adjacent to a 7 storey building. • Planning obtained for a 6 storey building comprising 9 flats and ground floor commercial. • Sold site within 12 months of purchase.
The Arc, Islington, N1
The Arc Mildmay Park, Islington, N1 Break Up February 2010 - September 2010 • Break up opportunity. • Flats refurbished and sold off. • Retail space sold to tenant and freehold sold to an investor. • GDV £1,400,000.
King of Denmark 1-3 Dignum Street, Islington, N1 Planning, Development and Investment May 2008 • Purchased in 2008 fully tenanted, coupled with development overage provisions to Wells Brewery. (any enhanced value before April 2012 had to be split) • Whilst holding investment applied for planning permission achieved for 1 x B1 unit and 6 residential units increasing value to £1.1m. • Obtained vacant possession and further planning permission for an additional residential unit. • Currently refurbishing for £900,000, ready April 2012. • Will release to the market August 2012 with no overage payable. • GDV £2.8m.
King of Denmark, Islington, N1
Stockwell Road, SW9
Duncan Terrace Islington, N1
Planning & Turn
February 2011- July 2011
• Purchased off market in September 2010. • Mid terrace Georgian terrace used as B1 office for 20 years. • Permission for change of use to a single residential dwelling granted January 2011. • Sold June 2011 for £2,400,000 with the benefit of planning.
Stockwell Road Brixton, SW9 Planning and Break Up (x9 Shops and Uppers)
September 2010 - Present
• Purchased in September 2010. • Purchase of building with office use. • Recently obtained planning to split building into 9 separate units with residential uppers. • This will leave Nhp with the site at the rear for 4 houses with GDV in excess of £1.2m. • Plan to separate and sell individual units.
NHS Greatorex Street Whitechapel, E1 Purchase office shell and agreement to lease and develop for the NHS May 2008 - Present • Purchased May 2008. • 17,000 sq ft of ground floor B1. • Negotiated agreement to lease with NHS at £350,000 per annum. • Undertook a full refurbishment for NHS specification with a budget of £950,000 in 14 weeks (both were met). • Sold investment to NHS for £4.7m in April 2010.
Essex Road, Islington, N1 Investment & Break Up January 2012 • Freehold shop with residential upper floors together with an adjoining single storey retail unit with development potential subject to planning. • Seeking planning approval to knock down and build a new retail space with residential apartments above. • Investment to be retained.
Domingo Street, EC1 Investment & Break Up March 2009 - Part Sold/Part Retained • Purchased in February 2009. • Pre completion sold the commercial and top floor flat simultaneously. • Left Nhp with two floors. • Both units have established use as 2 one bedroom flats by next year with GDV of £750,000.
Essex Road, Islington N1
Domingo Street, EC1 nhplondon.co.uk
Salter Street, Canary Wharf, E14 Investment Development 2008 - Present • Freehold site currently occupied by single storey warehouse. • Planning permission to develop a new build mixed-use scheme comprising 17 apartments along with retail and office space. • Highly accessible location adjacent to Westferry DLR station, within walking distance of Canary Wharf.
Gwynne House, Whitechapel, E1 Investment Break Up & Development
Elmore Street, Islington, N1 Development
December 2011 - Present
January 2012 - Present
• An Art Deco building comprising of 21 apartments let on AST’s with
• Negotiated and purchased a site in prime Islington
5 Assured Tenants close to the Royal London Hospital and proposed
with planning for 8 residential apartments,
Cross Rail link at Whitechapel.
1 contemporary house and a ground floor retail unit.
• Apartments and communal areas to be completely refurbished and sold off.
• Retail unit sold back to the seller.
• Freehold will be retained with a view to seeking planning approval for an
• Estimated completion Spring 2012.
additional floor comprising 1-2 residential apartments.
• GDV £4.5M.
Upper Tollington Park Noble House Properties have identified these two properties as suitable transactions funded with Investec. Both properties were purchased from a receiver and were converted by the same vendor, who then obtained planning and proceeded to develop as they pleased.
Finsbury Park, N4 Purchase of 3 unlawful flats regularised planning and offered for sale July 2011 - Present • This building is in good decorative order and is currently let, producing £58,000 per annum. • It is Nhp’s intention to fit out all three flats and sell them in the next six months from vacant possession.
180 Brooke Road Clapton, E5
Purchase of 3 unlawful flats regularised planning and offered for sale July 2011 - Present • Purchased in July 2011. • GDV £1.050m.
• Nhp’s spend will be £80,000 and our GDV IS £1,000,000.
Barcosa Public House
The Railway Public House
54 Holloway Road, Islington, N7
Wells Terrace, N1
Investment & Planning Gain
Investment & Planning Gain
July 2011 - Present
• Purchased vacant pub off market in July 2011.
• Purchased November 2011
• New lease granted for the
under one FRI lease producing
Ground Floor at £25,000 with
£37,000 per annum.
development break clause.
• Lease currently under negotiation for an A3 user, £29,000 per annum.
• Negotiated surrender for
• Application for 6 flats and
• Also applied for planning permission for additional floor.
the upper parts to be let
uppers has been submitted.
• Plan to refurbish 4 bedroom flat and let to students for £35,000 per annum.
December 2010 - Present
at £36,000 per annum. • Building to be retained.
• Current rental value £775,000 to be increased once planning
• GDV £1.1m.
has been granted.
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Lancaster Road Finsbury Park, N4
Purchase of 3 Existing Flats for Re-furb and Re-sale July 2011 - Present • Purchased off market in July 2011 with
Fieldgate Street Spitalfields, E1 Planning and Development May 2011 - Present
the benefit of established use for 3 flats. • Negotiated purchase May 2011. • Currently redesigning units to provide 2x2
Kynaston Stoke Newington, N16 Planning and Turn May 2011 - June 2011 • A pair of unmodernised mid terrace 3 bedroom Victorian Houses agreed in March 2011. • Both houses sold on before completion for £435,000 and £460,000 in June 2011.
bedroom flats and 1x3 bedroom maisonette.
• Applied for 9 x 2 bedroom flats.
• Will release to the market the latter part of 2012.
• Estimated development costs £1m.
• Building works/estimated costs at
• GDV £3.6m.
£170,000 to be complete in 6 months. • Estimated GDV £970,000.
Sold
Pablo Picasso Nude, Green leaves and Bust Oil On Canvas Painted in 1932 - Sold March 2010 • Painted in just one day in 1932. • Sold at auction for a record-breaking £65.5m. • Featuring his secret muse and mistress Marie-Thérèse Walter. • On temporary loan to the Tate Modern. • The most expensive painting ever sold at auction.
nhplondon.co.uk
1992 - 2012
For further information please contact: Frank Montanaro, Russell Kilikita or Alex Oliver. T: +44 (0) 20 7689 1000 F: +44 (0) 20 7689 1001 E: info@nhplondon.co.uk W: nhplondon.co.uk /noblehouseproperties @nhplondon
Noble House Properties 14 - 22 Coleman Fields Islington, London N1 7AD