Essex Life - - Richest 50 -

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.

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