Anglesea Road, Southampton

Site background

We introduced the site to one of our retained clients who saw its potential and decided to purchase it in October 2015.

We were instructed by the client that they wanted us to lead the renovation and subsequent management of the site on their behalf. The site was in a state of dangerous disrepair at the time and even had squatters living in some of the garages.

Due to the initial state of the garages a full and through refurbishment was required to bring it up to code and up to standard.

Removed the asbestos roofs from the garages and installed new roofs compliant with modern safety regulations
Full clearance of all rubbish from the garages and site
Fitted new 4-point locking doors to all garages
Installed gates and new fencing where necessary to fully secure the entire site
Created extra space on the site by excavating an earth bank, then erected an additional garage to maximise the site capacity
Installed site lighting to further improve site security and accessibility

After our comprehensive renovation of the site we transformed a neglected site into a safe, secure, and desirable lockup location.

Site outcome

From our work on the site we have increased the capacity to 26 garages which are currently 100% let and producing in excess of £32,500pa, with potential to increase this further through yearly rent reviews.

Since the site was renovated we have continuously conducted regular inspections, ensuring the site was well maintained, leading to minimal maintenance issues.

From our thorough site improvements and through periodic rent reviews we have doubled the gross rental income of the premises over the last 5 years.

The site on Anglesea Road is now a secure, convenient, and desirable lockup location for many potential tenants which is how we have continuously maintained approximately 95% occupancy throughout the sites operation. Our client’s investment is now fully optimised, producing an excellent ROI for them, and the capital value of the property has dramatically increased.