 | This article needs to be updated.(August 2022) |
David Pearl | |
|---|---|
| Born | October 1944 (age 81) Luton, Bedfordshire, England |
| Occupation(s) | Real estate investor, businessman, property developer |
| Years active | 1978–present |
David Pearl is a British property developer from North London. He previously appeared on the Channel 4 show The Secret Millionaire . [1]
Pearl was born in Luton, Bedfordshire in October 1944. His family later moved to Stamford Hill in London, where his father Harry worked in a millinery factory. Pearl has described the family's financial struggles in interviews. He left school at age 15, working as a packer for a clothing company and as a part-time casino croupier. [2]
In 1965, at age 19, Pearl set up the property management and letting agency Pearl & Coutts. [2] Within three years, he began buying properties to let at auction. One of his early properties carried an interest-free mortgage of £7 a week, which he let for £10. [3] His mother later used her home as collateral to secure a bank loan for his third property. [2] The company initially focused on residential properties in Hackney and Islington before expanding into commercial property in Central London and the West End. [4]
Pearl created Structadene Limited, a limited company encompassing Pearl & Coutts, in 1978. Structadene traded throughout the early 1980s recession, adopting an acquisition strategy focused on less traditional areas for property investment. In 1980, the company acquired the Jesus Hospital Estate, a 350-house development in Bethnal Green, for £1.2 million. As property values rose, the broader area, including Fitzrovia, became known as NoHo. Structadene also owned buildings along Great Portland Street and Great Titchfield Street.[ citation needed ]
In 2006, the Sunday Times ranked Structadene #65 in its "Profit Track" list of top 100 companies, estimating its profit increase between 2001 and 2004 at 63%. The report attributed this to diversified commercial holdings and digitisation of management operations. [5] By late 2007, Structadene's annual report listed 68% of its portfolio value in London and 12% in South East England. Nearly half the properties were office spaces, followed by rental units. [6]
Structadene’s 2008 annual report listed financing from 20 banks and building societies. Group turnover, including joint ventures, reached £102,519,735, with net assets at £152,020,063 and reserves of £102,329,048. [3] Since then, Structadene has focused on joint ventures, overseeing around 200 joint venture entities by 2010. [7] Between October 2009 and February 2010, Structadene sold up to £50 million of its portfolio, an unusual move for a company known for holding assets long-term. [8] [7]
Pearl was described in a 2003 interview with The Lawyer as an "old school" businessman who preferred a "gentleman’s agreement" to routine legal outsourcing. [9] Auctioneer Duncan Moir has said Pearl often buys property he personally finds appealing, "as though he were a collector, rather than an investor". [7] His fashion sense has been described as "perennially dressed down" and "famously scruffy". [10] [11] In 2006, he stated he spent around £91 a year on clothing. [11]
Pearl appeared in a 2007 episode of Secret Millionaire , posing as a new volunteer at Queen Alexandra Hospital in Portsmouth. [12] At the end of the programme, he donated £50,000 to various recipients, including a volunteer and organisations supporting stroke rehabilitation and cancer care. [13]
In 2000, Structadene sued Hackney Council under the Local Government Act 1972. [14] A high court judge found the Council had acted illegally in selling 12 commercial units to tenants for £40,000 after rejecting Structadene's earlier £100,000 offer, contrary to its duty to obtain the best price. [15]
In 2007, Structadene bid for a portfolio of 277 properties from Islington London Borough Council. Local press valued the sale at £45 million despite Structadene’s £70 million offer. [16] Some tenants expressed concern about rent rises, and two property traders were reportedly unable to complete bids due to tight deadlines. [17] [18] Structadene stated they would discuss rent issues with each tenant "to keep the unique nature of the borough". [16]
Pearl is the vice president of Tottenham Hotspur. [19] [1] According to the Sunday Times Rich List in 2019, he was worth £456 million, an increase of £57 million from 2018. [1]