Entrepreneur defies credit crunch

Amidst the credit crunch misery, opportunities are still up for grabs according to one Black Country property entrepreneur who has just spent £10 million on properties.

Anchor properties, formed by Lord Dale has had dealing with some of the biggest names in the industry including George Wimpey, Kings Oak, Concept Homes and Barratt Homes.

He now plans to open a chain of estate agents in the region, saying that the flagging housing market has still got enough steam in it to support a successful new business.

The first branch of Anchor Properties was recently opened in the Finchfield shopping precinct, with nine more branches planned.

Lord Dale, who received his title from holdings in Cornwall and the Isle of Man, says: "Ten is the plan. There's always going to be enough people who will be buying and letting houses and flats, always people making that type of move.

"Personally I don't believe the recession is happening.

"There are problems in the market because people are talking themselves into it - people have always got to live somewhere."

The company is part of a large organisation of developers and investors from the Midlands, with Anchor being used to buy, rent and let residential property, with other commercial works planned.

Recent purchases include the office building housing the National Express headquarters, at Vicarage Road. The building was bought from an investment firm Close Fund for a seven-figure sum and will be leased back to the current tenants.

Dale's family firm also recently purchased a largely abandoned building on Bath Road in Wolverhampton.

The building, which has been used for several different purposes over many years, has been left in need of major repair.

Anchor properties is in the process of developing a new auction concept which will enable all its clients to sell their properties quickly and completely within twenty eight days.

Other property purchases by the family firm include several shops in the nearby village of Albrighton, and a pub in Walsall, which they plan to sell on to a local construction firm for residential development.

They have also started work on a 30,000 sq ft building conversion in Wolverhampton which is planned to be used for student accommodation.

Lord Dale says it had been a good time in recent months to buy property, with prices going down as investors lose confidence.

But he adds that it is still possible to get new funding for ventures, especially for a firm with a track record, adding: "Banks are still there for the shrewd operators."

For more information regarding Anchor or details of properties available call 01902 766714.