4th October 2007
The Wharf – ‘Property is the best investment you can make’
Grant Bovey on making it big in buy-to-let
He might be best known as the husband of TV presenter Anthea Turner but if Grant Bovey has his way he’ll be ultimately be remembered for setting up the model for buy-to-let property.
Bovey formed Imagine Homes, which has offices in Limeharbour, in 2003 and it has gone on to be one of the most successful property companies in the country.
Imagine acquires developments such as The Icon in Millharbour, and sells on the apartments “off-plan” to people looking for buy-to-let investments. It’s proved to be the missing link in the sector, particularly with the company’s unique selling point.
It guarantees rental income of 15 per cent of the purchase price over the first two years, and it also handles the property management. It’s caught the imagination of investors looking to build a hassle free portfolio.
Bovey, 46, who made his fortune through a media business, told The Wharf how this venture came about. He said “I went into buy-to-let after a failed business in Dubai. The short-term let market isn’t established in Dubai – for example, they don’t have a holiday villa rental market like they do in France, and the deal I was making fell apart.
“But then I met Alan Wheatley, a real estate agent, and he suggested buying UK properties and selling them in Dubai. At first I thought he was crazy as it meant we would be up against the big developers but then I thought there may be something in it.
“We bought our first development in Kew and sold all 23 units in eight weeks, so it just snowballed from there.”
Imagine grew rapidly and opened its offices in Canary Wharf 18 months ago. It’s and area of great importance in the buy-to-let sector and high-net-worth customers are set to benefit from the company’s soon-to-be launched private client service.
Bovey admitted the success of the company has been something of a shock. He said “I’m surprised how well we’ve been able to penetrate the market. We’ve only been going for four years but now we’re the market leader in our niche sector.”
And his advise for would-be property moguls?
“Well, if you don’t invest with Imagine Homes then you need to completely understand the market before you go in. don’t do it on a whim.
“Make sure it’s a sound apartment and make sure you have the mental and financial capacity to cope with any problems. Buy in an area which will go up in value and, very importantly, be careful.
“The property market needs to be viewed as a long term investment, at least 10 years. It’s the best investment you can make because there is money to be made.”
Visit www.imaginehomes.co.uk for details.