A property investment
company founded by the late Christos Lazari, who arrived from Cyprus with £20, is now worth £3bn thanks to a
According to an Evening Standard report Lazari Investments latest accounts say that although pre-tax profits fell due to lower property price rises than in the recent past underlying profits rose once these were stripped out. It says the company’s rental income grew 9% to £115.5m and its value grew 2.2% over the year.
The company says: “The London office market has remained surprisingly resilient despite political headwinds. Demand for central London offices remains active and we have been able to outperform the market with our various development and asset management activities.”
Lazari, who died in 2015, founded his property empire in 1978 using profits from his fashion business made since arriving in the UK with £20 in 1962. The company, which owns commercial and retail investments in central and north London, is now run by his three children. Modern day would-be property tycoons should, without a doubt, be inspired by what can be achieved by starting with a relatively small sum and investing in the right place, at the right time.