There were six vacant units on acquisition, and those vacant units were not capitalised in calculating the purchase price. In October 2015 the Unit Trust completed a refurbishment project including recladding the estate, installing electric roller shutter doors and refurbishing the interior of certain units. The net cost of these works was £453,000 (£8.64 per square foot).
After completion of the works a number of lettings have been completed and rental income has increased by 30%. The property has increased in value by 25% (after refurbishment costs). There is one further unit to let, and once it is let we would expect further increases in value.
Before and after photos are below: