Greensborough Close, Maidstone, Kent

Site background

In April 2023, we successfully acquired a portfolio of derelict garages at Greensborough Close in Maidstone from Goulding Homes on behalf of our client, an Asset Management Investor aiming to expand their holdings.

When we acquired the site its condition was very poor, the extent of disrepair and disuse was immediately apparent from the collapsed roofs, and damaged and missing doors. At that time, none of the garages were occupied, resulting in zero rental income.

It was evident from the outset that an extensive and immediate refurbishment was needed, which included:

Replacing roofs and installing new guttering and fascias.
Installing brand-new 4-point locking doors to replace the old, broken ones.
Securing access to the premises with new locking gates and perimeter fencing

Through these renovation efforts the Greensborough Close properties underwent a rapid transformation from their neglected and dilapidated state to becoming attractive storage units in a prime location within 2 weeks.

Site outcome

After the significant improvements to this site, we have not only enhanced the property for our client but also positively impacted the entire surrounding area which was otherwise being used for nefarious activity and break-ins.

The site now presents an attractive storage location for tenants which in turns means as garages become more competitive the value of it increases, resulting in the best possible rental income for the client.

The site has consistently had 100% occupancy and is expected to retain that rate for the forseeable future as we currently have a waiting list of eager tenants ready to replace any potentially leavers.

This successful transformation has not only generated a profitable revenue stream for the owner but has also significantly increased the overall value of the site. Our commitment to managing the Greensborough Close continues to yield positive results year after year, with consistent or increased occupancy rates and periodic rent reviews contributing to its growing profitability.