From trading floor to property developer: the unconventional path of Nick Millican

How an Oxford chemistry graduate turned investment banker built Greycoat into a £2.5 billion real estate firm.

When Nick Millican joined Greycoat Real Estate in 2012, one of his first requests was simple: could someone show him the template letter for making an acquisition offer? The answer revealed everything about the company he was inheriting. There wasn't one. Greycoat hadn't bought a property in 14 years.

Today, Greycoat has deployed billions in London commercial real estate, expanded into Paris, and built a reputation as one of the UK's leading refurbishment-focused developers. The transformation reflects Millican's blend of financial rigour and contrarian thinking—qualities forged not in property, but on trading floors and in private equity.

The Unlikely Route into Real Estate

Nick Millican's path to property development began with chemistry. He studied at Worcester College, Oxford, graduating in 2003 with an MChem—not an obvious launching point for real estate. But Millican went first into investment banking at Citi, where he developed the analytical foundation that would later distinguish his approach.

"I developed a solid foundation in financial analysis and market strategies," Millican recalls. "This experience provided me with the analytical skills necessary for a successful transition into real estate investment and management."

From Citi, Nick Millican moved to Rockpoint Group, a real estate private equity firm, spending six years as a director overseeing UK investment. It was at Rockpoint that he learned the operating partner model—putting capital alongside larger investors, taking fees and profit shares based on performance. When he arrived at Greycoat in 2012, he brought that model with him.

Rebuilding a Dormant Firm

Greycoat's history stretches back to 1976. From 1978 to 1999, it operated as a public company—one of London's merchant developers. But by 2009, it had become a consultancy, advising property owners but not investing itself.

Millican saw the opportunity to reverse that trajectory. "I really wanted to move the business from more of a consultancy basis to more of an operating partner business," he explains. The transformation required building capabilities Greycoat had let atrophy. "The business wasn't really set up or used to buying assets. So the biggest difference is typically now when we enter into a project, we're the ones that found it." He built an acquisitions team essentially from scratch.

The Banker's Edge in Property

Millican's investment banking background shapes how Greycoat operates. The firm treats carbon budgets with the same rigour as financial analyses. And Millican's instinct for timing has proven valuable in volatile markets.

By 2018-2019, Greycoat had reached peak assets under management of £2.5 billion. Then Millican made a contrarian call: he sold the vast majority of those properties. "We actually sold out just before Covid hit," he notes. "Ironically, just more through luck than judgment." Luck or not, it left Greycoat with capital to deploy when prices fell.

"I think at the minute we feel that sentiments have led to an overcorrection of office prices in some areas," Millican observes. "Some stuff is probably cheaper than it should be if you take a medium-term context."

A Philosophy of Focus

Ask Millican about strategy and he returns to a consistent theme: specialisation. "One strategy that has significantly contributed to the growth of Greycoat is our focus on excelling in a single area rather than spreading our efforts too thinly," he says. "By concentrating on one core competency, we have been able to invest deeply in the necessary resources that drive excellence."

That focus was sharpened by failure. Early in his tenure, Millican explored expanding into residential development. "We concluded that competing with major housebuilders wasn't feasible for us. They had the scale to build more cost-effectively and could afford to outbid us for prime sites. It was a costly lesson in the necessity of conducting comprehensive market and competitive analysis." Today, Greycoat focuses almost exclusively on commercial office refurbishment.

How Nick Millican Works

Millican's daily routine reflects his analytical background. He's up at 6am, tackling his inbox before breakfast with his family. He avoids business lunches and dinners—"safeguarding downtime is essential for maintaining productivity." His most valuable habit: carving out time for thinking. "Back-to-back meetings are the norm for many people, but it's crucial to schedule moments for quiet reflection."

When asked what advice he'd give his younger self, Millican's answer is immediate: "Make tough decisions swiftly. We often hesitate because we fear conflict or discomfort, but delaying these decisions only complicates matters further."

Beyond the Balance Sheet

Millican's interests extend beyond property. He's been a trustee of Chickenshed Theatre since 2019, supporting inclusive performing arts. During Covid, he created and seeded the Healthworkers Support Foundation, delivering food parcels to hospital workers. He reads Ian M. Banks novels and spends his weekends relaxing and cooking with family.

What Comes Next

In March 2025, Nick Millican opened Greycoat's first international office in Paris—the firm's first expansion beyond the UK in its 49-year history. Germany may follow. The thesis is consistent: find markets with aging building stock, tightening environmental regulations, and strong tenant demand for sustainable space.

"I really believe that if we put our minds to it, our business can achieve a lot of new and innovative things," Millican says. "The tricky part is convincing people who are used to doing things a certain way that change can be a good thing."

It's a fitting summary from a chemistry graduate who became an investment banker who became a property developer. Nick Millican has spent his career proving that unconventional paths lead to distinctive outcomes. At Greycoat, the evidence is in the buildings.