West Road, Thetford, Norfolk

Site background

We introduced the site to one of our Asset Management Investor clients who saw its potential and decided to acquire it from Flagship Housing in September 2022.

Despite the initial state of the site, with boarded up, fenced off and extremely damaged properties we were confident that with a full rebuild and refurbishment we could transform this area into a highly desirable lockup location.

Many of the garages had been neglected, with one being subject to vandalism and fire damage. As per our clients instruction we planned and arranged the refurbishment with our trusted contractors to bring the site up to code.

Inspection of fire damaged property
Removal of damaged asbestos and replacement with safe modern roofing
Brand new, secure 4-point locking doors on all garages
New guttering and fascias
Clearance of litter and fly tipped rubbish and a full clean of the area

We were able to complete refurbishment and clearance of the rubbish within 3 weeks, at which point we began advertising for the site – which was particularly urgent as the site had previously had 0% occupancy.

Site outcome

After the renovation we found no difficulty finding new tenants for the property, we quickly achieved a 100% occupancy and expect to retain that as we have also established a waiting list for this location

Nearby residents have expressed their happiness with the improvements made to the area, which has been tidied up and refurbished to a high standard, uplifting the quality and safety of the site – as well as its value for our client.

Full occupancy
Profitable and reliable revenue stream that is likely to grow year on year
Greatly increased property value

We continue to manage the site for our client, who receives quarterly statements from us as well as updates regarding current tenants and our plans for the future such as periodic rent reviews.