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| 20/03/2008 RUPERT YOUNG JOINS NURTON DEVELOPMENTS |
| Nurton Developments has announced the
appointment of Rupert Young as Development Director, to usher in a new era
of diversity for the company.
His appointment follows "two very happy years" in the investment department at DTZ. He says: "It's a good time to be going to a well-financed, private company that doesn't have the pressure of shareholders and the stock market etc, but does have the ability to have some proper equity offering to do deals. "If, like Nurton, you are a loyal company with the bank you work with then they will still back you, because today is all about: Do we know you? Do we know what you do? And, do we trust you and are you good for the money?" |
 Rupert Young (Nurton Developments) |
| He admits that as well as Nurton's "good
approach," part of the reason to move was the UK investment market's
present state of flux. "Following a massive high, there's a crisis
of confidence in the global financial markets right now, which is bleeding
into the investment market."
He adds: "There are Three Kings in the property market: Cash, cash flow and track record, so I am delighted to be working for a company that gets a big tick on all three. Nurton is a family-run company, which has other businesses, and the property element is one of their big expertise areas." The move from an advisory role as investment director also gives him the opportunity to spread his wings. "I've specialised in investment for 15 years and, for a seasoned professional, to go from an advisory capacity to the principle side gives me the chance to experience the property industry from another perspective," he explains. His timing is perfect for Nurton, which is relocating its business to Birmingham and broadening its horizons. As well as continuing its successful purchasing of under-managed properties for redevelopment, it is also venturing into two new fields - brand new development opportunities and strategic land buying. Rupert Young says: "In property terms, Nurton is a relatively young business at ten years old, so we go into our second age looking to strengthen what we already do, but moving into new areas as well. We will continue to buy buildings to refurbish and trade on, but we are also now interested in opportunities in new build and strategic land buying. "We will be looking for opportunities to build new office buildings in Birmingham, or a traditional Midlands industrial estate, which just aren't being built at the moment because everyone is going for sheds of 200,000-plus square feet. That eats up a lot of land, yet not every company wants that size of space," he says. "We would like to build a classic industrial estate of up to 250,000 sq ft, with units of around 15,000-50,000 sq ft. These just aren't being delivered to the greater Midlands area today. "In terms of strategic land buying, given the Government's housing agenda, we will look at land opportunities, work up the planning process, then either build the developments ourselves or trade them on to other residential developers." Young will spearhead Nurton's future growth, as its moves its HQ into Birmingham from its established Wolverhampton base. The company is relocating to the top floor of 11 Waterloo Street, which it recently purchased. "In my new role, it's not about focusing on investment so much as focusing on opportunities. With the global credit squeeze and the all-powerful Three Kings, it's opportunities and people with cash who will do the deals over the next year or two. "Nurton is looking to rev up by about 500 per cent in the next three to four years, and bring in more people. We are in a good place to do more, because we have the cash available, a demonstrable track record and a company based on a good, honest ethos. I will build on the existing strengths of the company and put some more arrows in the quiver," he promises. His parting shot for DTZ was a deal to buy 200 acres next to Heathrow Airport, which exchanged contracts on 11 March. "It's greenbelt land, but it looks a really good prospect for the future. I identified the site for Goodman Logistics. It is the distribution site I have ever seen." Rupert Young joined DTZ, following its takeover of Donaldsons, where he was a partner. He joined Donaldsons from GC Europe. Previously, he was head of the Birmingham office of CB Richard Ellis. "I left agency once before and got knocked down, but thank God I'm a rugby player, because you have to get right back up again and take whatever gets thrown at you." he says. |
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