David Warwicker is a London based property and finance entrepreneur with over 50 years of experience in various projects, with a specialised knowledge of property law. He is known to be a hungry investor, philanthropist and property savant.
Early Life
Born in Ilford, Essex with 2 siblings.
1960-66 Educated at Cranbrook College.
Career Development/Training
1966-70 – Joined the Legal & General Assurance Company, quickly followed by Abbey and Hambro life assurance companies. Both these companies were innovators as they offered property bonds for the first time. Picked up expertise across the board in a wide range of financial products and instruments, investment strategies/vehicles and personal/corporate lending/financing.
Career
1970 – Became a sole trader/independent as a property dealer, and gained an insight into the UK residential property and finance markets.
1974 – A new government introduced legislation (The Housing Act 1974), which decimated the value of the residential ‘buy to let’ market, as the government then controlled the rent and the tenants had total security of tenure. An opportunity arose and was taken up by acquiring blocks of apartments at this new value. It was then possible to offer the individual tenants their home for up to 50% of its value. (Section 1: The Housing Act 1974 Extension of protection afforded to furnished tenancies – (ref 1)). “We gave registered tenants the opportunity to own their own home, usually for the first time in their lives (a policy that to date no government has employed)”, DW.
1975 – Formed Westgrove Securities, invited Arnold Hagenback to be chairman (founder Arndale Centres). This new entity carried on specialising in residential block acquisition, formed limited life unit trusts and was able to offer investors the opportunity to invest in each trust individually.
With National Westminster Bank agreeing to act as trustees, the company was able to acquire over £35,000,000 (today’s value £350,000,000), in residential units, and gave registered/sitting tenants the chance to buy their home, “this again was beneficial to both the tenants and investors alike”. Warwicker sold his stake in this venture in 1980.
1981 – Established Peppercorn Property Company to specialise in the acquisition of freehold residential ground rent portfolios, capitalising on the management whilst offering leaseholders the opportunity to extend their leases to 125 years at a very modest premium. Thousands were acquired including the Wimpy Homes House ground rent portfolio. Eventually the government gave lessees the automatic right to extend leases, buy freeholds and control the management. The premiums charged were of course substantial (Leasehold Reform, Housing and Urban Development Act 1993 – (ref 2)). This company/venture was extremely successful, and Warwicker sold his stake 1986.
1998 – Developed a new property business model, Alliance and Mutual Investment Company Limited. This new venture was constructed around various “Right to buy”, Housings Acts and in particular The 1980 Housing Act – (ref 3). By partnering with local authority tenants we were able to release funds to tenants thereby giving them the unique opportunity to move to a property of their choice, “tenants could at last live where they wanted to live and not where they were told to live”, DW. In 2004 the new Labour government changed “The Right to Buy” Housing Acts, taking away the opportunity to partner with the company following negative press from a Socialist newspaper. During this period “Camden Council (Labour), copied and used our business model”.
The company completed those deals agreed and by then had acquired over 500 residential units. “The company had provided high standard housing to rent”. The company was 100% funded by public companies, hedge funds, and high net worth individuals.
2015 – Disposed of the majority of residential investments and stock to focus portfolio on commercial and storage/warehousing/distribution. ”There are no other sectors that currently offer this level of unlimited opportunity, both for now and for well into the future… or at least until we learn how to teleport objects”, DW.
2018 – Set up Marylebone Finance Ltd as a bridging and co-ownership entity. This relatively unique approach enables other property companies the opportunity to simply finance and/or joint venture property opportunities. “If your investment has legs, we will find a way to get it onto the playing field”, DW.
Family
Married, with one daughter
Holdings and directorships
Central Property Rooms Ltd
Marylebone Finance Ltd
Marylebone Industrial Ltd
Marylebone Land Ltd
Marylebone Square Holdings Limited
Registered Office: 159 High Street Barnet, Barnet, Hertfordshire EN5 5SU
Charities and Associations
Conservative Party donor
Medical Advisory and Referral Service (MARS health charity) donor
Tax Alliance member
References/External Links
1: 1974 Housing Act – https://www.legislation.gov.uk/ukpga/1974/51/section/1
2: Leasehold Reform, Housing and Urban Development Act 1993 – https://www.legislation.gov.uk/ukpga/1993/28/part/I/chapter/II
3. “Right To Buy”, 1980 Housing Act – https://www.legislation.gov.uk/uksi/1980/1342/contents/made