15th February 2008
Imagine Homes acquires a prime site in UK's top location for city living
Imagine Homes, the UK's buy-to-let specialist is pleased to announce the successful acquisition of 25 units on Broughton Road, close to the centre of Edinburgh. Purchased from Barratt Homes, Princes Place is Imagine Homes' second acquisition in Scotland's capital city.
Completing in March this year, Princes Place consists of two bedroom apartments with secure underground car parks and additional surface parking starting from £182,000.
With further backing from a major financial institution, the Imagine Homes Group now has £250 million in investment equity, allowing the company to purchase quality properties, in top locations. Imagine Homes alleviate the uncertainty of property investment for their clients, but also aim to remove the risk of the sales process for developers.
Grant Bovey, Chief Executive of Imagine Homes comments: "Imagine Homes look to buy developments six months to two years ahead of completion. We are able to purchase complete sites or a selection of stock that we market and sell, allowing developers to focus on other areas of the development process. "Princes Place is an important addition to our project portfolio as Edinburgh has a strong and established rental market, due in part to considerable employment growth. We are confident demand will be high for this scheme as per our previous development - Edinburgh North."
Consistent with Imagine Homes hassle-free offering, investors will receive an above average guaranteed rental income of 7.5 per cent of the purchase price per annum for the first two years.
Imagine Homes has also recently purchased developments in High Wycombe, Birmingham, Darlington, Canary Wharf and Manchester.
To speak to Imagine Homes' acquisitions team about your development, please call 0808 180 0463.