Carpet king nets pounds 15m for property group pounds 15.6m for CW Harr is

Lord Harris of Peckham, the carpet king, and his family have made pounds 15.6m from the sale of their private retail property company. The tycoon has sold C W Harris Properties to Pillar Property, the quoted property investor that specialises in retail warehouse parks and shopping centres.

Over the past three years Lord Harris has built a property portfolio consisting mainly of out-of-town retail freeholds. CW Harris owns five retail warehouse schemes and a high street shop in St Albans. The warehouses are in Luton, Orpington, Dartford, Carmarthen and Preston and have a total floor-space of 350,000 square feet and an annual rent income of pounds 3.5m.

Pillar is paying for the deal with 80 per cent cash (pounds 12.4m) and 20 per cent of shares (pounds 3.2m) valued at 231p a share. Lord Harris's family has agreed not to sell the shares for at least six months.

Pillar has been built up by chairman Raymond Mould and his colleague Patrick Vaughan. The duo came to fame when they founded the Arlington group of business parks in the 1980s, before selling up to British Aerospace. They formed Pillar in 1991 and floated it three years later. This latest deal brings Pillar's total number of retail parks to 20.

Lord Harris said yesterday that he had "every confidence in the management of Pillar and the future success of the company." He said he was pleased he and his family would be holding 1.2 million Pillar shares.

All the warehouse developments sold to Pillar are fully let to tenants like Lord Harris's Carpetright group, as well as Currys, Halfords, Homebase, MFI and B&Q. The average unexpired lease length is 18 years.

The investment properties of Harris Properties are valued at pounds 49.2m and the net assets at 30 June 1997 stood at pounds 25.9m, which included pounds 11.7m of loans which will be repaid on completion of the deal.

Mr Mould commented: "The additions of these properties to Pillar's already substantial retail park portfolio underlines our strategy of investing in a sector which continues to demonstrate well above average growth."

The deal also means yet another fortune for Lord Harris, the self-made millionaire who sold his first carpet at the age of 13 in Peckham market.

He went on to build a nationwide carpet shop chain Harris Queensway which he sold at the height of the 1980s boom. But he couldn't keep away from the action and founded Carpetright in 1988 which itself boasts nearly 300 stores. What became Lowndes Queensway went bust at the beginning of the recession, something Lord Harris bitterly regretted.

Life and Style
food + drink
Arts and Entertainment
musicBand's first new record for 20 years has some tough acts to follow
Shoppers in Covent Garden, London, celebrate after they were the first to buy the iPhone 6, released yesterday
Liam Payne has attacked the media for reporting his tweet of support to Willie Robertson and the subsequent backlash from fans
peopleBut One Direction star insists he is not homophobic
Life and Style
healthFor Pure-O OCD sufferers this is a reality they live in
Arts and Entertainment
A bit rich: Maggie Smith in Downton Abbey
tvSeries 5 opening episode attracts lowest ratings since drama began
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Trainee / Experienced Recruitment Consultants

£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Quantitative Risk Manager

Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments