Ground rent speculators don’t get more brazen than the advertising of The Ground Rent Firm, which has just put out this ad through the property industry’s Bible, Estates Gazette.
“Sell us your ground rents – £150m to deploy”.
Just call Iain if you want to flog off the freehold to your PRS scheme – Carillion administrators might be on to that – flats, conversions, headleases, student flats etc.
“WE BUY IT ALL!”
But what is The Ground Rent Firm Limited and what – apart from its unappetising advertising – distinguishes it from loads of other bottom-feeders buying up resi freeholds?
Er … well, it isn’t exactly Long Harbour (£1.7 billion), the Wellcome Trust or even the Ground Rents Income Fund plc (£114 million).
The Ground Rent Firm has one director and one employee Iain Avi Benjamin, 37, who appears to operate out of a semi in unfashionable Hendon, in north London.
He paid himself £20,000 in 2016 and £24,000 last year, and the company has assets of under £8,000.
All of which is rather a distance from the £150 million the ad boasts about.
Actually, the oddest thing about this is that Estates Gazette is happy to run an advert like this, given the current climate over ground rents.