Vol. II A forty-year history MiNC Property Est. 1977 · Wandsworth → Worldwide

MiNC Property · the long story

MiNC Property.

"Mahmood Incorporated" — a family vehicle that began at a single Wandsworth auction in 1977 and matured into property management, lettings, furnishings, sales and acquisitions across London, Dubai, Johannesburg and South-East Asia.

MiNC Property is the working name of a four-decade project that began with a single auction lot in Wandsworth in 1977. Two years later there was no father, no income, and a family of seven holding on through the generosity of friends.

The story between then and now reads — in retrospect — like a particularly long, particularly stubborn argument for the residential-property thesis. It does not always go right. The 1990 rate shock nearly broke the family. Dubai broke many investors. But the long view has held.

London terraces — The first lot was a Wandsworth investment property bought at auction in 1977.

From a south London auction room to four offices on three continents.

1977

London · Wandsworth

The beginning — a single auction in Wandsworth.

The company traces its roots to 1977 when Kamran's father bought a property at auction in Wandsworth. Following his unexpected death the next year, the family faced financial hardship until probate was resolved. His mother then reinvested the proceeds into additional properties, establishing the foundation for what would become MiNC.

"Thanks to help from friends and my elder brother Haroon, the investment cycle had gathered a fair pace by the early 1980s."

By 1990 the family had completed approximately 30 property transactions in a decade.

Wandsworth · 1977

The 1990 rate shock

30 transactions in a decade, then a 15% rate spike — and bridge funding nearly at 30%.

A critical turning point occurred when interest rates spiked to 15% and bridge funding reached nearly 30%. To prevent bankruptcy, the family mortgaged investment properties and the family home. The stress caused his mother serious illness.

After consolidation, the family pursued other careers — Haroon in management consulting, Kamran into finance (studying for his ACCA qualification). They temporarily invested in the stock market before returning to property development.

1990

Family · near-bankruptcy

1996

London · Canary Wharf

Five flats in the Docklands. Three years later, the largest private residential investor in the area.

In autumn 1996 MiNC bought five apartments in the Docklands: three off-plan one-beds at Atlantic Wharf (Limehouse), and two completed flats at Ringwood Gardens on the Isle of Dogs. The mix — completed for safety, off-plan for upside on a 5% deposit — was the model.

Profits from the first Atlantic Wharf units funded three more at Arnhem Wharf. The decisive trade was 11 flats at The Boardwalk, bought at £180/sq ft and up more than 40% by completion in 1999.

"Knight Frank wrote to confirm we were the largest private residential investors in Canary Wharf. Eighty flats, more than £2m in equity."

Canary Wharf · 1996–99

Dubai · Emirates Towers era

Three offices on three continents — Dubai, Johannesburg, Tokyo.

An Overseas Property Exhibition in 1998 became, by 2001, a Dubai office run by Haroon. Within a year it had outgrown three desks and taken a third floor of Emirates Towers.

In 2003 a Johannesburg office opened in Rosebank, capitalising on local interest in overseas property investment during South Africa's economic boom. A partnership with an IFA firm extended into Tokyo, Hong Kong, Singapore and Malaysia, building reputation among British ex-pat communities.

At peak: 300+ serviced apartments under management in Dubai, 100+ in London.

2001

Dubai · Johannesburg

2007

London · Boubyan Bank

One of the first sharia-compliant funds for London serviced apartments.

MiNC built the first sharia-compliant investment model for serviced apartments in London, backed by Kuwait's Boubyan Bank. The fund focused on acquiring older hotels in central London and converting them into contemporary serviced apartments.

"All but one of the £70m of acquisitions in the fund were sold at a higher price — despite the 2008 market changes."

London · serviced apartments

Dubai · post-crash

Marina Suites, Jumeirah Village, and the slow work of doing right by investors.

At Marina Suites in Dubai Marina, the main access road was closed for nine months; the developer demanded a 50% uplift in build costs; then the market crashed and additional financing disappeared. At Jumeirah Village, MiNC was among the first investors — the Apex Suites and Prodigy phases had sold strongly until purchasers lost more than half their property value in 2009 and stopped paying stage instalments.

Escrow funds stayed in escrow, independently audited every six months. MiNC continues to work to sell three undeveloped plots in order to complete the partially-sold developments.

2008

Dubai · the long unwind

MiNC · By the Numbers

The portfolio, counted plainly.

1977.

First property purchased

Canary Wharf flats by 1999

£2m

Equity by 1999

300+

Serviced apartments, Dubai

100+

Serviced apartments, London

£70m

Sharia-compliant fund, Boubyan

Cities of operation

Property transactions, 1980–90

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