Page 32 - Stakis A Case Study
P. 32
Property Division
The purchase, management and development of its
properties represents a major task for a hotel company,
particularly one set on an expansion programme. In Stakis'
case it began to consider itself a property company in its
own right, engaging in retail and office developments as
well as hotel projects.
It was in 1981 that the company formed Buchanan
Properties Limited to rationalise its property interests and
to control its rental income. Subsequently, this was
renamed Stakis Land and Estates Limited with the view to
promoting further property ventures.
Andros managed Buchanan Properties - old ice rinks,
betting shops etc producing a profit of about £200,000. He
sold many of these and re-invested in first class commercial
developments this, about 1982, was the genesis of the
Property Division making £2 million in 1987 and about £4
million in 1989.
In 1985 the company had stated its priority in the property
area as being restructuring the Group's surplus land and
property interests and the reinvestment in higher quality
commercial properties. They saw their maximum individual
