Targetfollow

Targetfollow is a British property investment and development company established in 1992 by Ardeshir Naghshineh and Tom Bullus. Its business has focused primarily on acquiring, repositioning, developing and managing city-centre buildings and other commercial or mixed-use assets in the United Kingdom. The company began with an investment approach centred on single-let office properties. During the late 1990s and early 2000s, it moved toward multi-let assets, a strategy that allowed it to assemble and manage properties with multiple occupiers and potentially broader redevelopment or active-management opportunities. A significant early transaction took place in 1996, when Targetfollow acquired 40 Bernard Street from the McAlpine family. In 2001, Naghshineh bought out Bullus's interest, leaving him as the principal figure associated with the business. In the period before 2010, Targetfollow expanded its portfolio through the acquisition of prominent buildings and development opportunities across the UK. Reported assets included Centre Point and 60 St Mary Axe in London, Baskerville House and Baskerville Wharf in Birmingham, and other schemes in Norwich, Liverpool, Ipswich, Peterborough, Dewsbury and Stockport. These holdings reflected the company's emphasis on landmark urban properties, commercial regeneration and mixed-use or leisure-led development. The company encountered serious financial pressure during the property-market downturn around 2010. Loans exceeding £200 million provided by Lloyds Banking Group reached maturity in July of that year, while Targetfollow's total debt was reported at approximately £700 million. Much of the borrowing had been arranged during the 2007 property boom, including lending associated with HBOS. Targetfollow narrowly avoided entering administration in July 2010, but the resulting refinancing pressure led to the marketing of several Central London properties. Reports indicated that the company preferred to secure a joint-venture partner for its London portfolio, while Lloyds sought asset sales to support repayment of outstanding debt. Two subsidiaries entered administration on 27 October 2010. One notable consequence involved Grand Central Stockport, a leisure development formerly owned by Targetfollow. While the scheme was under the control of Deloitte as administrator, Stockport Metropolitan Borough Council purchased it in January 2011. The episode illustrates the impact of Targetfollow's financial restructuring on individual assets and local regeneration projects. Targetfollow's later-associated assets and projects have included Dukes Wharf in Norwich, The Pantiles and the Tunbridge Wells and Rusthall Commons in Royal Tunbridge Wells, Empire House in Dewsbury, 27–28 Tombland and Cambridge House in Norwich, Princes Street in Ipswich, and Peterborough One Retail Park. The Pantiles has become an increasingly prominent visitor destination and hosts Jazz on The Pantiles, a music festival that has operated for more than two decades. Because publicly available information is concentrated on historical transactions and the 2010 financial crisis, the company's current ownership, leadership, operating status and portfolio are not fully established here.

Targetfollow was formed in the United Kingdom in 1992 by Ardeshir Naghshineh and Tom Bullus as a property investment and development business. Its early activity was based on acquiring commercial buildings, particularly offices, with the initial portfolio strategy focused on single-let properties. In 1996, the company bought 40 Bernard Street from the McAlpine family, an acquisition that marked an early step in the development of its property holdings. Over the following years, Targetfollow altered its investment model. Rather than concentrating mainly on single occupiers, it increasingly pursued multi-let office buildings. This approach placed greater emphasis on active asset management, tenant mix and the potential to enhance or redevelop centrally located properties. In 2001, Ardeshir Naghshineh bought out Tom Bullus's stake, making Naghshineh the principal owner associated with Targetfollow. During the years leading up to 2010, Targetfollow acquired a number of high-profile properties and development opportunities throughout the United Kingdom. Its reported portfolio included prominent London properties such as Centre Point and 60 St Mary Axe, alongside Birmingham assets including Baskerville House and Baskerville Wharf. Other projects and holdings extended to Norwich, Liverpool, Ipswich, Peterborough, Dewsbury and Stockport. The portfolio combined office buildings, retail and leisure schemes, and properties with potential for urban regeneration or mixed-use redevelopment. The expansion was heavily exposed to the credit conditions of the mid-2000s property boom. In July 2010, loans of more than £200 million provided by Lloyds Banking Group expired. Targetfollow's total debt was estimated at roughly £700 million, with a substantial portion of the borrowing dating from the 2007 market peak and involving HBOS. The company narrowly avoided administration at the corporate level, but the pressure from lenders resulted in several Central London properties being offered for sale. Contemporary reporting indicated that Targetfollow preferred to bring in a joint-venture partner for its London portfolio, whereas Lloyds Banking Group sought sales to help recover outstanding lending. The restructuring also affected individual subsidiaries and developments. Two subsidiaries entered administration on 27 October 2010. Grand Central Stockport, a leisure scheme in Greater Manchester that had formerly been owned by Targetfollow, was placed with Deloitte as administrator before Stockport Metropolitan Borough Council purchased it in January 2011. This transaction transferred the scheme to local-authority ownership during a period when the property sector and Targetfollow's financing arrangements were under considerable stress. Later references to Targetfollow's assets and development interests include Dukes Wharf in Norwich, The Pantiles and the Tunbridge Wells and Rusthall Commons in Royal Tunbridge Wells, Empire House in Dewsbury, 27–28 Tombland and Cambridge House in Norwich, Princes Street in Ipswich, and Peterborough One Retail Park. The Pantiles became particularly visible as a tourism and cultural destination and has hosted the Jazz on The Pantiles festival for more than twenty years. Public reference material does not provide enough current information to establish Targetfollow's present corporate structure, leadership, financial position or whether all listed assets remain connected with the company.

1. 2011Grand Central Stockport is acquired by the local authority

   Stockport Metropolitan Borough Council purchases the leisure scheme from the administration process.

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2. 2010Debt crisis and London asset sales process

   Maturing Lloyds loans and reported debt of about £700 million place Targetfollow under severe financial pressure, prompting efforts to sell or partner on Central London assets.

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3. 2010Two subsidiaries enter administration

   Two Targetfollow subsidiaries enter administration on 27 October.

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4. 2001Naghshineh becomes sole principal owner

   Ardeshir Naghshineh buys Tom Bullus's stake in the company.

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5. 1996Acquisition of 40 Bernard Street

   Targetfollow acquires 40 Bernard Street from the McAlpine family.

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6. 1992Targetfollow is established

   Ardeshir Naghshineh and Tom Bullus establish Targetfollow as a UK property investment and development company.

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A UK property investor and developer associated with landmark city-centre buildings, commercial property repositioning and mixed-use urban development.

• City-centre commercial propertiesCommercial real estate1992

  Targetfollow's core activity has involved acquiring and managing prominent urban buildings, especially office properties in central locations. The company's strategy evolved from single-let offices toward multi-let assets, reflecting a stronger emphasis on tenant diversification, active management and redevelopment potential.

• Mixed-use and leisure developmentsProperty development

  The portfolio has included projects combining commercial, retail, leisure and regeneration functions. Grand Central Stockport was a notable leisure scheme, while other assets and projects were positioned for broader urban redevelopment rather than simple passive ownership.

• The PantilesHeritage, tourism and leisure property

  The Pantiles in Royal Tunbridge Wells is a historic destination associated with tourism, events and hospitality activity. It has hosted the Jazz on The Pantiles music festival for more than two decades and is described as an increasingly popular visitor destination among Targetfollow's assets.

• Peterborough One Retail ParkRetail property

  Peterborough One Retail Park is a retail-focused property asset listed among Targetfollow's development projects and holdings. The available reference material does not specify its current ownership, tenant composition or development status.

• Jazz on The Pantiles

  United Kingdom

  A recurring music festival hosted at The Pantiles in Royal Tunbridge Wells. The event has operated for more than twenty years and contributes to the site's role as a tourism and cultural destination.

  Outcome. The festival helped reinforce The Pantiles' profile as a visitor and events destination; detailed commercial outcomes are not reported.

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• 2010Offer of Central London properties for sale or partnershipStrategy

  Maturing loans exceeding £200 million and estimated total debt of approximately £700 million created substantial refinancing pressure.

  What changed. Targetfollow offered a number of Central London properties for sale while reportedly seeking a joint-venture partner for its London portfolio.

  Aftermath. The process was connected with efforts to repay lenders and avoid administration, although two subsidiaries subsequently entered administration.

  Reported total debt. Approximately £700 million (July 2010)

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• 2001Change in ownership following Bullus buyoutStrategy

  Targetfollow had been founded by Ardeshir Naghshineh and Tom Bullus in 1992 and had expanded its property portfolio during the 1990s.

  What changed. Naghshineh bought out Bullus's stake and became the principal owner associated with the company.

  Aftermath. The transaction consolidated control of Targetfollow under Naghshineh. Later public material identifies him as the central figure in the business.

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• Shift from single-let to multi-let officesStrategy

  The company initially focused on acquiring single-let office properties.

  What changed. Targetfollow changed its investment strategy toward multi-let office buildings and more actively managed urban assets.

  Aftermath. The revised approach broadened the company's property-management and redevelopment focus, although the available sources do not quantify its results.

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• 2011Stockport council purchases Grand Central Stockport

  Stockport Metropolitan Borough Council bought the Grand Central Stockport leisure scheme while it was under the control of administrators Deloitte.

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• 2010Targetfollow narrowly avoids administration amid major debt pressure

  Loans exceeding £200 million reached maturity in July 2010, while the company's overall debt was reported at about £700 million. Targetfollow marketed several Central London properties as it sought to address the financing strain.

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• 2010Targetfollow subsidiaries enter administration

  Two Targetfollow subsidiaries entered administration on 27 October 2010 during the company's financial restructuring period.

  Bankruptcy
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• The Pantiles continues as a tourism and cultural destination

  The Pantiles, one of Targetfollow's associated assets, developed into a popular tourism destination and hosts the long-running Jazz on The Pantiles festival.

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1. Targetfollow