19th October 2007
Bucks Free Press – Landlording the Imagine-ative way
Grant Bovey, husband of Perfect Housewife Anthea Turner is building a block of flats in High Wycombe.
The 25 apartments in Totteridge Road are being built by his company Imagine Homes specifically for small time private landlords.
The two bedroomed properties will be sold to the prospective landlords on an 'already let' basis. Those who buy a flat will lease it back to the developer for the first two years and receive 15 per cent of the purchase price, equivalent to a rent of 7.5 per cent a year.
Bovey, chief executive and major shareholder in Imagine Homes, is a former market trader turned millionaire entrepreneur.
He founded his property development company in 2003, three years after his marriage to the former Blue Peter presenter.
Anthea now dons her Marigolds on TV to show grown-ups how to follow her example and be a 'clean freak'.
In between filming commitments, she has found time to design the optional £9,000 furniture package available to investors – so the properties built by her husband’s company, can begin earning for the landlords as soon as the builders hand over the keys.
Bovey says he has chosen Wycombe for his latest apartment scheme because "it is set to become one of the most sought after areas within London’s commuter belt."
Prices of the flats and penthouses on the St. Marks development start at £208,000. Ten per cent will be deducted from the rent paid to the investors to cover the management fee. Purchasers will also be responsible for the ground rent and a service charge.
Building of the Totteridge Road complex is expected to be finished in June next year.
The flats will have American white oak style internal doors, fitted carpets in the living areas, laminate wood in the hall, double glazing, electric heating, fitted kitchen with built-in washer/dryer, fridge/freezer, dishwasher and oven and hob, bathroom and ensuite shower room and an entry phone.
On top of that, landlords can opt for Anthea’s furniture package which comes with a five year manufacturer’s guarantee and includes pretty well everything except linen and it’s all arranged by an interior designer so it will be shown off to best advantage.
The first project completed by Imagine Homes after it was founded four years ago was a block of apartments in Kew Riverside in Surrey. The homes sold out in 12 weeks.
Bovey admits he had no previous experience in property other than buying houses for himself when he founded the company.
He started out as a first time buyer as a 21 year old with a two bedroomed house in Nottinghamshire. It cost him £17,000 and he sold it two years later for £21,000. Five moves later, he lives with Anthea in a manor house in 60 acres in Surrey brought for £2.1 million and now valued at £6 million.
In a magazine interview last year he explained what motivated him to start Imagine Homes. "I wanted to devise a scheme that took the hassle out of buy-to-let and gave a comfy blanket to the novice. We do that by finding the tenants, checking their credentials, collecting the rent and buying developments in good locations."