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Islington Tribune - by PETER GRUNER
Published: 1 June 2007

Flamboyant tycoon, David Pearl

Ask me anything – tycoon

THE flamboyant Islington developer behind the £70million bid for 222 council owned properties this week offered to meet worried tenants to discuss their fears – “anywhere anytime.”
He also made a commitment save as many small shops and businesses as possible.
However, he warned that those on subsidised rents might see increases to bring them up to the commercial rates for their properties.
Speaking for the first time David Pearl, 61, who lives in Highgate, maintained that leaseholders that wished to buy their property would be “getting a bargain” and people who rent will do so at the current market rate.
From the office of his firm Structadene, on the third floor of an unassuming block in White Lion Street, Angel, Mr Pearl insisted that he was not your typical anonymous developer.
He added: “I work in this community. I like the small shops. I don’t want to drive people out and I don’t want everything turned into residential homes and Tescos.
“If anyone has any problems, I’m here- come and talk to me.”
The sale of the properties in Georgian style Amwell Street, Essex Road and Upper Street was approved at Islington council’s ruling Lib Dem executive committee last Thursday.
It still has to be ratified by full council and with the Lib Dems in a majority of one it could be “called in” for reappraisal by the Labour opposition.
Structadene has been told that 150 out of 222 tenants want to purchase their own properties and the rest will continue to rent.
Mr Pearl added: “We made an offer to buy the entire portfolio from Islington council. We had to itemise what we are prepared to pay for each individual building. The occupiers are going to have the opportunity to buy those buildings at the same price that we have offered.
”But I must say this - if the occupiers manage to buy their properties at the
price they’re offered then they’re doing all right. We aren’t going to over pay, that’s for sure.”
On the question of rents, Mr Pearl added that people would be expected to pay the current rates. “I don’t fix rents,” he said, “and if you don’t agree then you go to arbitration. But I suspect that the majority of tenants are already paying a commercial rent. If not they should be.
“But I shall judge each case on its merits - I don’t want to put people out of their homes and businesses. We don’t want empty buildings.”
Born and brought up in Stamford Hill, he was an 11 plus failure who started out working for an estate agent.
Married with three children, he commutes mainly by bike. Asked if he was worth a reported £178 million a year he replied: “When you know what you are worth you are not worth very much.”
He keeps fit with a personal trainer and cycles everywhere. “Keeping fit is the most wonderful thing,” he said. “I can’t tell you how it changes your life. I also meditate.”

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