Independent views Greg Corin joined Paul Belchak’s east London agency in 2011 and hasn’t looked back as the firm racks up 90-plus deals a year and amasses a list of clients desperate to move to the area. They talk to Shekha Vyas about what’s in store
“When I was looking for a new role, I spoke to some contacts in the West End,” recalls Greg Corin. “They said that the market there was quite saturated, but there was something bubbling away in the east.”
East London veteran Paul Belchak could certainly testify to that. The two men met on the opposite sides of a deal and in 2011 Corin joined Belchak’s eponymous agency Paul Belchak & Co. “When Paul told me to join him on a walk around Spitalfields, I thought there was something quite cool, interesting and completely under the radar there,” says Corin, who had been a director at a UK investment company and a tenant-only advisory services firm, and had also worked in commercial property auctions.
It is proving to be a career-defining move: he has just become a partner and Paul Belchak & Co is rebranding as Belchak, Corin & Co to mark the next step in its life cycle.
Belchak founded the firm in 2009, in the middle of the recession, on the back of many years of experience operating in Spitalfields, Shoreditch and the surrounding areas.
He remembers when Shoreditch office rents, which have now hit £67.50 per sq ft, were “on the floor”, at just £6 per sq ft in 1990. “It was very retail-showroom focused. Most of Commercial Street, E1, and Whitechapel Road, E1, was traditional clothing wholesalers.
“The first changes that took place were in the late 1990s, when a lot of old workspaces were being turned into residential.”
Belchak was involved in the early transformation of Spitalfields Market, working for the Spitalfields Development Group when fruit and vegetable trading there closed in 1991. He also did some projects for fitness club Market Sports at Bishopsgate Goodsyard.
“In 2009 the guys I worked for thought about going in a slightly different direction. That is what drove me to go on my own and start Paul Belchak & Co.
“I rented a desk in an architect’s office in Cheshire Street, E1, and became a bit more of a niche in retail. For the first 24 months it was more or less me, 24 hours a day, at home, in the office, on viewings and updating the website.”
When Corin joined, he brought with him a variety of new contacts and with this support Belchak managed to make his firm one of the most recognised specialists in the area. The now five-strong team covers retail, restaurant and office leasing, as well as property management, investment and development acquisition and disposal.
“One of my key achievements was employing Greg and the decision to make him partner,” says Belchak. “I see him as absolutely key to the future of the business.”
In a market where agencies are jostling for a foothold, the pair believe their collective years of experience and attitude towards client projects set them apart.
“We like that challenge of getting involved with clients at embryonic stages in locations where commercial is probably a bit of an afterthought,” says Corin.
“We thrive on that challenge of trying to let 20,000 or 30,000 sq ft in areas where many people might not consider it. Many agents think very short term and only like working with clients who are buyers, as well as sellers. But the majority of our clients have a mid- to long-term view of their assets. A lot of what we do is acquisition work for clients who own working assets and we continue to be involved in managing them.”
The company has consistently averaged more than 90 completed deals a year for the past five years and has recently concluded transactions on behalf of Aitch Group, Brockton Capital, the Rumi Foundation, Ziser Investments and the London Borough of Hackney (see box).
The partners say the rebrand should pave the way for them to look at surrounding markets for growth opportunities, such as Highbury and Hackney Wick, as well as continuing to serve its core markets in the East End and eastern City fringe.
“We want to continue to concentrate on our core markets and become an even more respected specialist within the area. We want to be a strong part of the next generation of lettings,” Corin says. “There are a few agents trying to cover Spitalfields and Shoreditch, but we think we are continuing to dominate when it comes to Dalston, Hackney and Highbury.”
The old logo has been updated rather than forgotten. “On the design side we wanted to reflect the way we are,” says Corin. “We deal with some great-looking assets and we also provide design advice to our clients, which goes hand in hand with everything else. What occupiers want from their space has become very design-led.”
With Belchak’s many years of experience and Corin’s connections with the types of owners coming in, the partners believe they have a powerful combination.
“Greg is now a name in this market and as much as people look to me to provide advice, they equally look to him,” says Belchak. “He is now part of this area and people respect and know that.”
Belchak, Corin & Co’s top deals
Belchak Corin & Co has averaged 90-100 transactions a year since 2012. In the past year, it has achieved the highest recorded rents in Dalston, Holloway, Spitalfields, Shoreditch and Hackney.
It has advised on behalf of landlords for retail and restaurant lettings including Urban Outfitters, Topman General Store, Labour & Wait, Ted Baker, Sonos, Busaba Eathai and Sagardi.
Office lettings include Hugo & Cat, Meltwater, McDonalds Tech, October Films, All Saints, D&AD & Second Home.
Recent transactions include:
• Acquiring Hudson Yard, EC2 on behalf of the Rumi Foundation from a private individual, comprising 12,000 sq ft of offices and retail and four new high end apartments for £14m
• Acquiring the Grade II-listed Sailmakers’ Loft, E14, for the Ziser Group from developers City & Docklands, for £9.6m.
