News

Richer sounds out Marks

News

Estates Gazette

03 February 2001

Hi-fi retailer backs 30-year-old to head agency and investment firm
Amber Rose

Julian Richer is backing the launch of two property companies to be led by a talented 30-year-old West End agent.

The founder of hi-fi chain Richer Sounds has formed a partnership with Nick Marks, who was 12 years at West End agency James Andrew, and its former head of retail and leisure.

Richer has invested £3m into L3, an investment company, and is a “silent” partner in start-up agency Marks. Both are to be headed by Marks.

Richer, who met Marks in 1998 through an associate, said: “We came into contact with Marks as a commercial agent some time ago. He did a great job. He is a lovely chap and I rated him, which is why I decided to back him.”

Marks and L3 started trading six months ago from Curzon Street, W1. Marks said he wanted two companies so that the investment side would not conflict with agency.

“My main aim and focus is to expand the agency side first. But we are looking for any good investment opportunities in any sector – including residential – on the investment side.

“If I could choose what I could buy, my ideal would be a speculative office refurbishment in central London,” he added.

As part of the investment set-up, L3 will manage Richer’s personal portfolio, which contains small properties situated in prominent towns around the UK. “It’s my own personal property portfolio, which I don’t wish to discuss. I will look at redevelopment opportunities,” Richer said.

Marks and Richer have invested £1.3m in property so far. They are geared up to £10m.

L3 has been involved in several small off-market deals. It has bought a mixture of residential and offices in Liverpool, Leicester and Southampton and is looking for investments in Pentonville Road and Clerkenwell in London.

Clients on the agency side include Shaftesbury, IG Group, Yo Sushi and restaurateur Oliver Patten. It is also marketing Manhattan Loft’s first office building on Charlotte Street, W1. Marks is looking for £511 per m² (£47.50 per sq ft) for the 1,580m² (17,000 sq ft) scheme and £300,000 pa for the two units of restaurant space. Media giant Havas is thought to be interested.

Marks, the nephew of James Andrew partner Harvey Soning, said: “I didn’t have much confidence to go it alone and then Julian encouraged me.”

Hi-fi retailer backs 30-year-old to head agency and investment firm Amber Rose Julian Richer is backing the launch of two property companies to be led by a talented 30-year-old West End agent. The founder of hi-fi chain Richer Sounds has formed a partnership with Nick Marks, who was 12 years at West End agency James Andrew, and its former head of retail and leisure. Richer has invested £3m into L3, an investment company, and is a “silent” partner in start-up agency Marks. Both are to be headed by Marks. Richer, who met Marks in 1998 through an associate, said: “We came into contact with Marks as a commercial agent some time ago. He did a great job. He is a lovely chap and I rated him, which is why I decided to back him.” Marks and L3 started trading six months ago from Curzon Street, W1. Marks said he wanted two companies so that the investment side would not conflict with agency. “My main aim and focus is to expand the agency side first. But we are looking for any good investment opportunities in any sector – including residential – on the investment side. “If I could choose what I could buy, my ideal would be a speculative office refurbishment in central London,” he added. As part of the investment set-up, L3 will manage Richer’s personal portfolio, which contains small properties situated in prominent towns around the UK. “It’s my own personal property portfolio, which I don’t wish to discuss. I will look at redevelopment opportunities,” Richer said. Marks and Richer have invested £1.3m in property so far. They are geared up to £10m. L3 has been involved in several small off-market deals. It has bought a mixture of residential and offices in Liverpool, Leicester and Southampton and is looking for investments in Pentonville Road and Clerkenwell in London. Clients on the agency side include Shaftesbury, IG Group, Yo Sushi and restaurateur Oliver Patten. It is also marketing Manhattan Loft’s first office building on Charlotte Street, W1. Marks is looking for £511 per m2 (£47.50 per sq ft) for the 1,580m2 (17,000 sq ft) scheme and £300,000 pa for the two units of restaurant space. Media giant Havas is thought to be interested. Marks, the nephew of James Andrew partner Harvey Soning, said: “I didn’t have much confidence to go it alone and then Julian encouraged me.”