We bought this property at auction for £2.6m in February 2007, recognising that it had relatively low capital value, was under-rented, and was not fully let. There was definitely an opportunity to create value in the property through active asset management, otherwise we foresaw the potential to convert to residential usage in order to realise the gain.

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We spent money on basic refurbishments to bring the property in line with the market and, by energising several local agents and motivating the existing agent, we speedily agreed deals to fully let the whole site, simultaneously raising the average rent from around £15 psf to £20 psf on new lettings. Within two months, the property value had increased to £3.1m, and broadened the site income base away from reliance on two principle rents.