Beeching Close, Ash, Hampshire

Site background

This derelict site was acquired by our retained client from a Vivid (previously First Wessex) in 2017. We were instructed by our client to refurbish the garages and handle the subsequent management on their behalf.

The garages on this site were mostly boarded up with rubbish inside, with only one garage let. The Asbestos roofs were crumbling into the garages and were extremely hazardous as well as being an eyesore to local residents due to the state of its disrepair.

We project managed the complete refurbishment of the site including:

Removing all asbestos from the site and installing new high quality flat roofs
Fitting brand new fascias, soffits and guttering
Replacing all garage doors with new 4-point locking doors
Removing all rubbish and fly-tipping from the site

Once we had completed the refurbishment of the site, we then advertised the site to potential tenants and arranged lettings.

Site outcome

Once construction work was coming to an end we began marketing the new site in earnest. We advertised extensively and arranged lettings, quickly achieving a 100% occupancy of the garages, producing £12,000 pa for the freeholder at the time.

Since then we have continued to manage the property, further increasing its profitability and achieving our key objectives.

Majorly uplifted the quality of the road for the residents
Successfully turned a derelict, dangerous property into a long-term income producing asset
Now producing approx £18k gross annual income

After successive rent reviews we have managed to increase the annual income year on year. The site has negligible future maintenance costs, due to the high-quality refurbishment and long guarantees our contractors always provide. We successfully turned what was a derelict and dangerous site into an income-producing long-term asset for our client.