3 DAVID SULLIVAN
Property and Football £850m
West Ham United co-owner David Sullivan is looking to make money off the pitch with the sale of a prime Oxford Street building. His investment vehicle is seeking more than £55m for Russell & Bromley’s flagship shop close to Bond Street underground station. The property currently brings in rent of £1.325m per annum. The whole building is held on a long leasehold from the Grosvenor Estate for a term of 150 years from June 24, 2006 (141 years unexpired) and the next rent review is in 2018 which coincides with the date Crossrail is scheduled to become operational. Conegate made £14.7m profit on £23.4m turnover in 2013 when its net assets came in at £119m. It has an impressive property portfolio worth close to £300m. In 2007 he spent £36 million acquiring a part of Bath city centre and he has other prestigious assets. It turns over more than £15 million a year and is consistently profitable. But Theydon Bois-based Sullivan will be delighted with the way the Hammers have settled back into top flight football. Sullivan has a 51% stake in the club which could be worth up to £400m after its forthcoming move to the Olympic Stadium. Roldvale, his main company, made a £609,000 profit in 2013. Sullivan’s dividends and salaries there in recent years total nearly £60m. Asset sales such as the £50m from Sports Newspapers in 2007, a £100m pension pot and £160m of recent property deals underpin Sullivan’s £850m fortune.