Richard Banks

Richard Banks
GuestInvest Investor - Nest

A risk manager for a leading City financial services company, Richard Banks has purchased a King room in GuestInvest hotel Nest, overlooking Cleveland Square. Richard decided to invest in Nest after he was offered a job in Barbados, a position that meant setting up residence in the Caribbean and letting out his Maida Vale flat. Richard comments, "The opportunity at Nest ensures that when I return from Barbados, London property prices won't have risen so much that I can't afford to get back on the UK property ladder. I considered becoming a portfolio landlord, but didn't have time to search for the right properties. I also don't want the inconvenience of dripping taps and broken boilers, or having to deal with a number of

letting agents when I am so far away." Under the GuestInvest concept, Richard owns a fully-maintained room under a 999-year lease. He, or his friends and family, can stay there for up to 52 nights a year for free, and he receives 50 per cent of the room's income, which is let out by the hotel on his behalf throughout the year. Richard is keeping his options open for the future. "My new job in Barbados has taught me that it is impossible to make fixed plans. My investment in Nest, coupled with my flat in Maida Vale, has offered me the flexibility I need, allowing me to start my new job safe in the knowledge that I still have property exposure, a sound investment and a place to stay in London."
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