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  1. #1
    Join Date
    Oct 2007
    Posts
    2

    pimlico property investments - Sheffield UK

    Anyone heard of pimlico property investments - Sheffield UK?

    we are investigating them for a UK client who suspects them of over-pricing property sold as investment.

    any ideas drop me a message, all information useful.

  2. #2
    Join Date
    Nov 2007
    Location
    Doncaster
    Posts
    2

    Re: pimlico property investments - Sheffield UK

    : Yes I have


    Ií am in the process of investing in a property in Sheffield


    I have looked into them and got good written references from 2 others that have made a good return from them.


    After meeting them they do seem very competent and I will go ahead as planned unless you can tell me of any reason not to trust them.


    Please contact me on raymond@landmark-images.com


    Ray Luke November 2007

  3. #3
    Join Date
    Nov 2007
    Location
    Doncaster
    Posts
    2

    Re: pimlico property investments - Sheffield UK

    Yes I have
    Ií am in the process of investing in a property in Sheffield
    I have looked into them and got good written references from 2 others that have made a good return from them.
    After meeting them they do seem very competent and I will go ahead as planned unless you can tell me of any reason not to trust them.
    Please contact me on raymond@landmark-images.com

  4. #4
    Join Date
    Nov 2007
    Posts
    2

    Re: pimlico property investments - Sheffield UK

    In my experience of someone whose house they tried to purchase, and who knows someone in the same street, whose house they did purchase, they employ quite bullying techniques and give ridiculous ultimatums....no reason not to trust them though, they are just extremely rude....

  5. #5

    Re: pimlico property investments - Sheffield UK

    Quote Originally Posted by abomb View Post
    Anyone heard of pimlico property investments - Sheffield UK?

    we are investigating them for a UK client who suspects them of over-pricing property sold as investment.

    any ideas drop me a message, all information useful.

    Suspect the same - properties overvalued. Not sure how this is done especially since valuers are supposed to be independent!
    Abomb, would be pleased to hear from you especially since you've been looking into this and since I've already parted with reservation deposit - unfortunately.
    If anyone else knows more drop me a line at gavinferns@gmail.com
    Last edited by gavinferns; 11-13-2007 at 06:55 PM. Reason: Changed grammar

  6. #6

    Re: pimlico property investments - Sheffield UK

    i have been looking at investing in one of their properties.... I know people that have done and are extremely happy with them but reading all this does worry me. ABomb, if you have any advice i would be most grateful my email is info@distinctive-wines.com thanks

  7. #7

    Re: pimlico property investments - Sheffield UK

    Hi guys,

    I agree with abomb.

    These conartists might be using a RICS surveyor who's in their pocket so they can really stretch the valuation big time.
    The legal team and brokers of course are happy to get their money

    While you will end up with a house whose purchase price is comparable to those on the same street, because of the way these guys are selling the property, you will also end up with a huge mortgage - much larger than the actual selling price of the property - and we are talking about 40% or more

    Think guys - if that property goes to foreclosure who's going to buy it???
    Don't be fooled by positive rents and cheap outlay. There are pitfalls...

    Take it from this gal who ... almost ... got scammed. There's no honor in Pimlico!

  8. #8
    Join Date
    Dec 2007
    Posts
    1

    Re: pimlico property investments - Sheffield UK

    Both of these 2 guys worked for Simon Morris (Leeds based property developer). Simon Morris is supposedly being investigated for fraudulently over valuing properties by the serious fraud office (see link below).

    http://www.bbc.co.uk/insideout/content/articles/2007/10/09/yorkslincs_student_housing_s12_w4_feature.shtml

    These 2 also own Shevell Property investments from the same offices in Sheffield.

  9. #9
    Join Date
    Nov 2007
    Posts
    2

    Re: pimlico property investments - Sheffield UK

    I have been an interested observer in Pimlico/Shevell properties, ever since they bought 3 houses in my street in quick succession this summer. The houses have been sold on to student letting agencies based in another city.
    Obviously, these agents do not know the trends in Sheffield - much new purpose-built student accommodation, meaning students do not live in sardine conditions or converted basements, and a nearby huge university building closing down in June, meaning demand has decreased.
    There are rental properties now on my street, which have remained un-let this year. In my opinion, investors should be wary of Pimlico/Shevell advice on viable investment properties.....

  10. #10
    Join Date
    Dec 2007
    Posts
    1

    Re: pimlico property investments - Sheffield UK

    I agree with Abomb. These 2 are total conmen unprofessional boys I nearly bought property through them until I realised what I might be letting myself in for. Thank goodness it wasn't too late. They appear very convincing - don't be fooled.

  11. #11

    Re: pimlico property investments - Sheffield UK

    Pimlico Property Investments Limited and Shevell Properties Limited would like to state some facts to correct the wholly inaccurate and quite defamatory remarks that have been made.


    • We buy properties near Universities in areas where there is high rental demand.
    • We refurbish the properties to a good standard and generally double the amount of available sleeping accommodation and triple the amount of washing facilities so as to maximise rental potential. The refurbishment costs typically range between £40,000 - £70,000 using our own building team. If the work was carried out by an independent builder, the cost would be significantly higher - perhaps double.
    • We appoint independent agents to sell our properties to investors.
    • We assist our investors in finding tenants for the properties and our properties generate typical yields for investors of 6% plus.
    • Investors my either use their own mortgage brokers or ask to us to recommend one which they then finance their purchase.
    • The yield is achieved because the property is to be used as a HMO and therefore when investors arrange their finance, the independent surveyors that value the properties (who owe a direct duty of care to the mortgagees who appoint them) naturally take into consideration that the properties are being purchased as a HMO investment. We do not have any control or influence over the surveyors or the valuations they produce.
    Below is a typical calculation which helps determine the value of property based on yield and details of a typical investment property that we currently offer:

    Rent: beds x average £65 per person per week x 52 weeks (12 month tenancy) = £20,280
    Yield Calculation for 6% is 100/6
    Price: Rent x Yield Calc = £20,280 x (100/6)
    = £337,999.98
    Yield: Rent / Price
    = 6%

    6 Bed student house in Sheffield S10
    Sales Price: £260,000
    Financial Incentive: 5% discount/cash back
    Estimated Rental Based on £65pppw: £20,280
    Net Price: £247,000
    Gross Yield: 8.2%+

    Original Purchase Price: £180,000
    Original Property: 3 bed terrace
    Renovation costs: £50,000
    Company Investment: £235,000(including legals)
    Company Profit: £12,000

    All investors receive rent guarantees, mortgage subsidies or other alternative financial incentives and we are perfectly happy to submit our product and trading methods to any independent scrutiny. We are not to be confused with any less scrupulous companies operating in the same sector.

    Due to investor demand and the credit crunch we have recently changed our pricing structure. We now price solely on vacant possession values. These are generally lower than investment values. Vacant possession values of similar properties (not converted to HMO use) are freely available from any local agent.

    We sell quality properties which represent genuine investment opportunities producing a good positive income return for investors. We are very concerned by the plainly defamatory statements that have been published on this website. We value our reputation very highly and accordingly we have appointed our lawyers to investigate and take appropriate action against any party who is found to have made any defamatory statement about Pimlico or Shevell and the authors and publishers of such statements as have been posted to this website can expect to receive letters before action in the near future.

    If there are any queries that you have regarding our products please feel free to contact us on 0114 209 6271 and a member of staff would be more than happy to assist.

    Yours Sincerely



    Shevell Properties Ltd

  12. 01-08-2008, 11:01 AM

    Reason
    Mispost

  13. #12

    Re: pimlico property investments - Sheffield UK

    Information for any would be property investor

    Buyer Beware!

    New company on the block Univest Property Investments they are EX Shevell Property Investments, EX Pimlico Property Investments, EX Morris Properties

    Common denominator Lee Jones & Richard Symonds

    You have been advised, please do your own investigations.

  14. #13
    Join Date
    Jun 2008
    Posts
    2

    Re: pimlico property investments - Sheffield UK

    I am sure the shevell and pimlico set up is an organised scam. I feel sorry for anyone that has been fooled by their so called professionalism. Perhaps they got away with scams in Leeds and they want the same in sheffield! Anyone fooled by these con artists should get in touch and tell of their problems.

    good luck!

  15. #14

    Re: pimlico property investments - Sheffield UK

    Anyone knows where this company locates now. I need my deposit (600.00 pounds) back. I already kept asking them to return back my deposit back for half year without any letter received from them. No explanation no any further information!!! Just leave me totally unnoticed. They won't pick up my call at all.

  16. #15
    Join Date
    Jul 2008
    Posts
    27

    Re: pimlico property investments - Sheffield UK

    Pimlico/Shevell appear to me to have exactly the same trading methods as Morris Properties, Leeds / Simon Morris, Leeds.

    Morris sell you the properties only to find that: -

    1. They will not be refurbished to anything like the standard shown in their brochures. In fact even the smallest thing costing only a few pounds would only be done after they received a solicitors letter. The condition of the property will adversely affect the rentibility of the property.

    2. The properties are massively over-priced when being sold.

    3. The rental income for the property will be massively over-stated to make the deal look much more attractive.

    4. The deal most likely will include a cash-back after purchase which you will more than likely never see. This cash-back (5% - 15% of property value) is also an illegal method of selling a property since it gives the property an inflated selling value.

    5. The deal will come with a rental guarantee which will not be paid to you beyond the first three month period. The rental guarantee is designed only to hide the true rental value of the property from the buyer long enough for the sale to be completed.

    6. The deal may come with a mortgage subsidy. The subsidy will either not be paid to you ever or at best be paid to you for the first three months i.e. long enough for the sale to be legally completed. The purpose of the mortgage subsidy is only to not let the purchaser feel the full pain of paying a very high mortgage on a property that's value has been manipulated/inflated.

    Hundreds of people are suing Morris. It is a total scam so be warned.

    The smooth sales talk will tell a totally different story. That smooth sales talk ends though the moment you pay your money - from that moment on the doors to their offices will be locked to you and you will be told that the police will be called because you are causing an obstruction!
    Last edited by wiseone1; 07-29-2008 at 08:30 PM.

  17. #16

    Re: pimlico property investments - Sheffield UK

    Hey.
    I'm a student who recently rented with A Team property in Leeds, they are claiming our deposit is being held by Pimlico. Has anybody got any information about A Team, or deposits?
    Would be appreciative of the help.
    Thanks,
    HG

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