When it comes to British self-made men, few are more recognisable than Sir Alan Sugar. The star of The Apprentice, the BBC’s long-running smash business reality show, knows a thing or two about making money, which is why when he offers you financial advice you’d be wise to sit up and take notice.
This is what happened to 2014’s Apprentice winner, Mark Wright. The Australian-born businessman has gone from strength to strength since being awarded the coveted prize of becoming Lord Sugar’s business partner, but he insists that it is the words of wisdom bestowed upon him by the former Tottenham Hotspur chairman about property that hit home hardest.
In a recent article for The Telegraph, Wright alluded to a conversation that he had with the former Amstrad owner about creating long-term wealth. “Lord Sugar said you make money from property and do business for fun. Many of our customers make money from property and I’d love to go into property development one day,” he said. Encouraging words from someone who has more than just a passing interest in the UK property market.
Lord Sugar’s London touch
The electronics tycoon started Amsprop, his own personal property business, back in 1985 and the company has made some impressive acquisitions over its 30+ year existence. Amsprop’s primary targets are long-term investments within the London property market, although the company portfolio does include a number of properties outside the capital, including a former hotel complex situated in Mijas, Spain.
Sir Alan’s son, Daniel, heads up the operation and he recently stated that the investment business was looking to make more significant purchases over the coming months as the company is currently “sitting on a major cash pile”. Its main target is thought to be London retail units and office space.
It’s all about property, not home computers
Sir Alan, who is thought to be around five times richer than the Queen, has made most of his enormous wealth from property, so the advice that he gave Mark Wright should come as no surprise. Amsprop made millions last year (2015) with sales of the Sugar Building close to St. Paul’s Cathedral and the Burberry store on London’s Haymarket the obvious highlights from another outstanding twelve months.
Lord Sugar has come a long way from the days of selling whatever he could lay his hands on from the back of a van in the capital’s East End, but he still knows a good deal when he sees one, and property is the main focus these days. Amsprop and its directors are constantly active in the market, and their portfolio speaks volumes to the expertise that the company has throughout its ranks.
So, if you’re thinking of being on the right side of the board room table, remember that business is only just a fun little side-line if you want to become a member of the United Kingdom’s ultra-rich. According to the King of Put-downs, property is where it’s at, and we’re inclined to agree.
Want more information on property investment? Read our other posts Will The Buy To Let Market Still Be Successful in 2016 and The Soaring Assets of The UK’s Richest Property Investors