Home REIT paid over £1m for row of terraced houses later converted into large-scale cannabis grow

Properties auctioned for over 70% loss

Home REIT paid more than £1m for four adjacent houses in the Lincolnshire seaside town of Cleethorpes that criminals later unlawfully converted into a 6,400 square foot cannabis farm.

A spokesperson for the Humberside Police confirmed to Investment Week that a suspected cannabis grow was discovered by officers in those four properties in mid-July 2023. The terraced houses were owned by Home REIT at the time of discovery, according to HM Land Registry. Northern Powergrid also attended the scene to "make the electricity network safe", after it had been illegally tampered with, a spokesperson for the Newcastle-based electricity network provider confirmed.  "Where illegal tampering of our network is discovered we work in partnership with local police to disconnect powe...