Client interview

Interview with Mike Slade

In his Farm Street office Mike Slade, the charismatic CEO of quoted property company Helical Bar, talked Susan Freeman through some of the milestones in his eventful career.

Slade senior ran a manufacturing company, but was also a frustrated property developer. Family holidays involved dragging round endless embryonic but ultimately loss-making resort developments. Undeterred, Mike Slade applied to the College of Estate Management where he claims to have learnt little.The saving grace was a “terrific gang of alumni” including property industry scions Ian Henderson, Martin Myers,Andy Gulliford, and many more who maintain strong professional links. Slade, who self- deprecatingly describes himself as “the flashier of the flash Harrys!” regards it “a rare blessing” that he has always done business with friends. Aged 26, he launched his first venture, Grandvista, backed by Equity & Law, introduced by veteran agent Clive Lewis, a constant throughout Slade’s career.

His creative solution to the vexing problem of a void portfolio was simple! Double its size so that it was only 50% empty!

Slade weathered the economic problems of the mid 1970s. His creative solution to the vexing problem of a void portfolio was simple: double its size so that it was only 50% empty! He soon had major schemes in Europe, Djakarta and California. But it was a steep learning curve and things didn’t always go according to plan. He blanches at memories of a particular catastrophe concerning an Amsterdam development site zoned for offices.The Mayor refused planning unless squatters were re-housed, but this backfired when the squatters ended up occupying both properties! Pleading with the Mayor proved futile so Slade retrenched and even now regards Europe as “cowboy territory”.

A development opportunity in Chiswell Street launched Helical in 1984.The sellers,Whitbreads, drew comfort from the apparent involvement of HSBC, fortunately overlooking their capacity as

receivers. Even completion was fraught with the builder trying to bully Slade into giving away a profit share. Refusing to be held to ransom, he dramatically tossed their document out of his Mayfair office window.“How did I do things like that?” Slade says wonderingly. He admits that this behaviour could be regarded as cavalier but “it’s how you got things done!”

Slade deftly navigated the “tricky” period from 1989 to 1992. A favourite deal was his sale of a site at Elnathan Mews, Maida Vale, which he managed to buy back a few years later at the same price but complete with 52 newly constructed mews houses. He believes that the “days of fabulous deals are now over.”

Slade appreciates he has been extraordinarily fortunate in business and hopes he hasn’t made enemies. Believing that business does not have to be confrontational, he tries to be conciliatory. I remember being impressed on our first transaction together at how he managed the elderly lady lawyer on the other side by hospitably entertaining her at Ascot and from then on it was plain sailing. As a female correspondent for the Sydney Herald wrote:“Mike Slade is charming, very charming!”

Slade runs an annual induction programme to encourage younger people into property. A cornerstone of his advice is “never be frightened to strike out on your own”, although he admits that an ever more perfect market provides a tougher environment today.With the major entrepreneurs now private, only a handful of owner- managed public companies

(including Helical, which is 24% director owned) maintain an entrepreneurial offer to the public. He sees the REIT regime as “a fund manager’s charter” likely to further hamper entrepreneurship.

Slade’s well-documented leisure interests include a passion for horses – he has even had a recent Derby runner. And there is his full-on interest in competitive sailing with a new 22-crew 100ft boat arriving shortly. Even here, Slade’s colourful personality attracts incidents.When pirates attacked his yacht off Somalia his luck held as the crew were saved by the timely intervention of the Canadian navy.

Slade throws himself into every pursuit with huge energy and enthusiasm. His chairmanship of Land Aid is no exception. Determined to make it the property industry charity of choice, Slade has made a characteristically substantial contribution in time and donations.

And when will it be time to retire? As long as it continues to be fun, Slade plans to stay as long as he is wanted. Here’s hoping that it continues to be fun!

Susan Freeman
Real Estate Partner
susan.freeman@mishcon.com

Property Matters! 07