Shepherds Walk, Farnborough

Site background

When we were made aware of the availability of the site at Shepherds Walk in Farnborough we recognised the opportunity immediately. We understood that interest in the site would be high and we consulted our client, a private asset management investor and they agreed with our analysis of its potential and decided to acquire the site from the housing association Vivid (previously First Wessex).

The entire location was in a dire state of disrepair, most of the garages were boarded up, the area was heavily littered, wooden fascias had rotted, and weeds had taken over. The occupancy rate had fallen to zero due to the site having been neglected for such a period of time.

Before we could consider advertising the location to tenants we first carried out extensive renovations on the garages and on the grounds:

Landscaping and de weeding, including washing the concrete and the walls
Full replacement of broken guttering and fascias
Installation of secure 4 point locking doors
New roofing to replace old asbestos
Security Gate at site entrance and perimeter fencing

Over the course of weeks we fully transformed the derelict site into a tidy and appealing storage space for local residents and began advertising our new lock-ups.

Site outcome

The renovations at the Shepherds Walk site have been a great success for us, our client, the tenants, and even the local residents in Farnborough, We have managed to increase the long-term capital value of the site as well as attaining a steady and profitable revenue stream for our client. We have provided a functional space for locals to use for storage which we offer to them at a competitive price, and improved the local area significantly by giving this site a new lease of life from the eyesore that it once was.

Due to the popularity of the site we managed to achieve a 100% occupancy rate within a matter of weeks. In fact the site is so popular that we have currently have a waiting list for it, ensuring that any leaving tenants can be replaced seamlessly by us – ensuring that the 100% occupancy rate is maintained for the future and there is no drop in revenue.

We continue to manage this site on behalf of our client whom we stay in touch which regularly with quarterly statements, tenant information, and overviews for our plans for the future such as future expansion, new opportunities, and rent reviews.