With decades of experience, David Davis has witnessed the property market evolve through multiple cycles. In this conversation, he shares insights into his journey, his work today, and the key challenges shaping the future of real estate in the UK and Ireland.
1.What is your background and experience in the property industry?
I started acquiring petrol stations which I leased from BP in my early ‘20’s. I built up a small group of petrol stations. However, after BP took the sites back for their own use, I was able to buy my first freehold petrol station and built a chain of 40 all over the UK. The strategy was to sell these in packages and single sites to oil companies and one supermarket.
2.Can you tell us about your business and what you do?
I invest in mezzanine financing and funding usually to young developers on residential properties in London and, latterly in Dublin. I act on sales and purchases for Rontec the petrol station group.
3.Who are your typical clients and how do you market your services?
For mezzanine financing work this is through word of mouth. For Rontec work this is mainly through my contacts in the property industry.
4.How did you first cross paths with Newmanor Law?
My contact is with Karen Mason with whom I have dealt with for many years when she acted for [Heron]
5.What are the key challenges currently facing the real estate sector and how are you addressing them?
I personally find that the major issue is obtaining planning permission. Since Covid, local authority personnel are less available as working from home. Planning applications seem to take years instead of months and so development costs increase making the development too expensive.
6.What trends do you foresee shaping the real estate industry in the coming years?
In terms of petrol filling stations, the introduction of E.V. is a major factor. Particularly as the government has completely misunderstood the amount of power required to operate an EV filling station, hence either power is not available or it is too expensive.