Parkhall Estates

A Message from Lord Pickles and Lord Blunkett, followed by Parkhall Estates's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Parkhall Estates is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett, MP
Pickles signature Rt Hon The Lord Eric Pickles, MP

www.metroproperties.co.uk

1PARKHALL ESTATES |
BEST PRACTICE REPRESENTATIVE
Partner Vidya Goyal
Santander bank, 97-99 High
Street Barking side
After moving to the UK in 1970, Vidya Goyal established
Parkhall Estates in 1979. Initially focusing on both
commercial and residential properties, they narrowed
their focus after the 2008 recession and now focus solely on the
residential side of the business. The business began in earnest
with the purchase of a shopping centre in Walsall, and they
have since built the business considerably, acquiring a sizeable
portfolio. Partner Vidya Goyal explains the history of the
company and how unnecessary regulation can impact landlords.
I founded the business in 1979 in Basildon, with my younger brothers, Ram and
Avnish, joining the business in the late 1990s. I made my first purchase by acquiring
Gility Shopping Village in Walsall for £400,000 from a public auction. During the
recession, when borrowing money was difficult, I had to bring investors into the
company, and I arranged further funding from private investors.
Born in Nairobi, Kenya, in 1955, I moved to India in 1960 and came to the UK in
1970 with no money. At the age of 15, I was in a foreign country with a family of
ten: my mother, father and seven siblings. It was a tough time, and, as one of the
eldest in the family, I knew it was my duty to support my family. Instantly, I went
out and got a part-time job. My mother had said education was important, so I
wanted to provide this for my siblings.
By the age of 16, I was filling shelves two evenings a week, as well as working
Friday nights at a bakery. Alongside this, I worked in a retail store on Saturdays
while also completing a college course at Thurrock Technical in Grays. I started an
FACTS ABOUT
PARKHALL ESTATES
»Partner: Vidya Goyal
»Founded in 1979
»Based in Basildon with
properties in Barkingside,
Bristol, Hastings, Hornchurch,
Ilford, Nottingham and Walsall
»Services: Residential and
commercial property lettings
»No. of employees: 3
Parkhall Estates
THE PARLIAMENTARY REVIEW
Highlighting best practice
2| PARKHALL ESTATES
electrical engineering apprenticeship
at the age of 18. Originally, when I
turned up, I was told they were not
taking on any more apprentices,
but they still offered to interview
me for experience. This interview
led to them changing their minds,
and I was accepted as the last and
only apprentice for Thorn EMI that
year. Having gained an electrical
engineering apprenticeship, I worked
at a tractor plant, testing the tractors
on the production line. At the age of
21, I bought a shop and opened up a
newsagent in Romford. This experience
built my business knowledge and led
me to realise that the way forward was
to buy and build up a business to sell
it for a healthy profit. This became my
aim, and I subsequently bought over
ten newsagents, buying and selling
them on each time.
From this, I bought a shopping centre in
Walsall from auction for £400,000 with
three other partners. This partnership
was formed with MrShukla,
MrSharma and Mr Sharma, who was
introduced to me by MrShukla.
While managing the Walsall shops,
we were expanding our property
portfolio. In 2008, we came to realise
that the commercial sector was facing
significant difficulties, so we moved
our focus to residential. We bought
unfinished apartments, completed the
building work and then rented them
out. In the long term, we slowly sold
them off. It was a similar model to the
newsagents, where we bought, added
value and sold off the properties. Even
today that is our aim: to buy, add
value and sell to a high standard. All
of our rental properties are managed
in-house and maintenance is provided
by our own contractors, with very
little ever subcontracted. Our aim has
always been to provide a same-day
service, even if this means I have to go
out myself.
Our growth has been supported by
Lloyds Bank, who we have worked
with for over 40 years. As the business
progressed, some of the silent partners
were retiring or wanted to be bought
out, so we assumed full ownership
in2018.
127-133 High Street
Hornchurch
At the age of
21, I bought a
shop and
opened up a
newsagent in
Romford. This
experience
built my
business
knowledge
3PARKHALL ESTATES |
BEST PRACTICE REPRESENTATIVE
The growth of our portfolio
Our growth has been substantial, and
we have acquired many properties in
both the residential and commercial
sectors, building a large portfolio. We
have bought the following properties
across our history:
»1993 – Barkingside – a parade of ten
retail units with 12 flats
»1994 – Ilford – one retail unit
alongside three flats
»1991 – Hornchurch – five retail units
and five flats
»2012 – Bristol – 24 flats
»2013 – Nottingham – 48 flats
»2016 – Hastings –24 flats
Dealing with unnecessary
regulation
As with any business, there are
challenges. While most of our
customers are great, there are
customers who take advantage of the
very strict laws on landlords to create
undue work and hassle. Some also try
to delay, or avoid altogether, having to
pay their rent.
In addition, while regulations are
generally positive, there are those
that do not add value. For example,
an energy performance certificate is
an unnecessary cost. Tenants do not
understand it, and its outcome has
never been used by tenants to decide
whether to let a property or not.
Other regulations, such as not being
able to reclaim interest as an allowable
expense, have increased the cost of
providing properties to the growing
population. Inevitably, this will increase
rental prices, which is the opposite
of what the government is trying
toachieve.
Now, whenever we purchase new
properties or make investments, we set
up special-purpose vehicles. We made
this decision after the chancellor made
claiming tax on the interest of loans
more challenging. This also led to us
having to create a limited company.
We made our first purchase with this
company in late 2018, acquiring 48 flats
and three retail units in Norwich. Looking
ahead, we are focusing on expanding
and acquiring more properties,
continuing to grow thebusiness.
Our growth
has been
substantial,
and we have
acquired many
properties in
both the
residential and
commercial
sectors,
building a
large portfolio
Three brothers: Ram,
Vidya and Avnish

www.metroproperties.co.uk

This article was sponsored by Parkhall Estates. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Michael Gove.

Rt Hon Michael Gove's Foreword For The Parliamentary Review

By Rt Hon Michael Gove

This year's Parliamentary Review comes at a momentous time for parliament, as we collectively determine the destiny of the United Kingdom. 

On October 31, the UK will leave the European Union. The successful implementation of this process is this government's number-one priority.

Three years after a historic referendum vote, we will deliver on the decisive mandate from the British people. Trust in our democracy depends on it. Until that final hour, we will work determinedly and diligently to negotiate a deal, one that abolishes the backstop and upholds the warm and close relationship we share with our friends, allies and neighbours in the EU. But in the event that the EU refuses to meet us at the table, we must be prepared to leave without a deal.

As the Chancellor of the Duchy of Lancaster, it is my job to lead on this government's approach, should that scenario happen. Preparing for Brexit is my department's driving mission. But while I am leading this turbocharged effort, the whole of government is committed to this endeavour.

Ministers across Whitehall are working together to ensure that every possibility is considered, every plan is scrutinised and every provision is made. A daily drumbeat of meetings means that we are holding departments accountable, so that preparations are completed on time.

The chancellor has confirmed that all necessary funding will be made available. And we have mobilised thecivil service, assigning 15,000 of our most talented civil servants to manage our exit from the EU.

We will make sure that on November 1, there is as little disruption to national life as possible. Our trade relationships will continue to thrive, thanks to agreements with countries around the world worth £70 billion. Our country will remain secure, thanks to nearly 1,000 new officers posted at our borders. And the 3.2 million EU nationals now living and working among us can remain confident, with absolute certainty, of their right to remain in the UK.

Above all, our goal is to be transparent. Soon, we will launch a public information campaign so that citizens, communities and businesses are ready and reassured about what will happen in the event of “no deal”.

In my first few weeks in this role, I have travelled to ports and tarmacs, borders and bridges, all across the UK –from the seaside of Dover to the rolling green hills of County Armagh. I have heard from business owners and border officials, farmers and hauliers. They are ready to put an end to uncertainty. And they are ready to embrace the opportunities ahead.

Our departure from the EU will be a once in a lifetime chance to chart a new course for the United Kingdom. Preparing for that new course will be a herculean effort. But this country has made astounding efforts before. We can do it again.
Rt Hon Michael Gove
Chancellor of the Duchy of Lancaster