Selbourne Avenue Estate, Aldershot, Hampshire

Site background

In 2017 we acquired a portfolio of 76 garages across the Selbourne Avenue Estate in Aldershot from Vivid (previously First Wessex) on behalf of our client an Asset Management Investor, looking to expand their portfolio.

The initial state of the site was poor, much of the location was disused and derelict, and other areas outright dangerous. Roofs had collapsed, doors were broken, rusted, or removed – only a very small percentage of the garages were being let at this time and were generating little revenue.

It was clear from the outset that a complete and thorough refurbishment was required immediately:

Roofs were fixed with new guttering and fascias installed
Brand new 4-point locking doors installed to replace old broken ones
Thorough cleaning of the walls and floors with a power washer to remove grimy appearance
Parking was regularised, with line marking carried out on the forecourts to create parking bays for tenants
Implemented parking enforcement to prevent inconsiderate parking blocking access

The Selbourne Avenue Estate properties were quickly transformed from their grimy and neglected state into desirable storage properties in a good location. Once refurbishment was complete we were confident that with some local advertising we would now be able to find tenants easily.

Site outcome

Owing to the improvements made by us on this site there has also been an improvement to the surrounding area, including a better quality of life for the surrounding residents, and an enhancement of the capital value of surrounding properties – as well as the site itself.

Sites maintain over 90% occupancy
Greatly reduced and to now negligible levels of anti-social behaviour and crime
Improvement to the surrounding area including cleaner and brighter spaces
A profitable revenue stream for the owner
Greatly increased value of the location

We continue to manage the Selbourne Avenue Estate and have gradually improved its profitability for our client year on year by maintaining or increasing occupancy as well as through periodic rent reviews.