A part of Mothercare’s former headquarters in Watford has been acquired in a £9m purchase.
Mothercare announced in 2020 that it would be vacating its headquarters in Cherry Tree Road, near the Dome roundabout, as part of a cost-cutting exercise.
The retailer’s former 34,000sq ft warehouse has been now purchased by Cinch Self Storage and Padlock Partners UK Fund III.
There are plans to renovate the “incredibly desirable location” into a “first-class” self-storage site in 2023.
Richard Owen, director at Cinch Storage, said: “The unit provided us with a unique chance to acquire secure warehouse space in an incredibly desirable location.
“Once fully redeveloped, the store will have in excess of 65,000 sq. ft of lettable space and we will look to begin trading in the summer of 2023.”
John Stevenson, CEO at Padlock Partners UK Fund III, said: “We are happy to acquire the Watford property in such a great location and community.
“This acquisition contributes greatly to our efforts to build a first-class self-storage platform and fits perfectly with our nearby locations.”
A total of 384 jobs were lost at the Watford office after Mothercare went into administration in 2019 and further jobs were lost when the Watford Arches branch along with all remaining stores closed.
In 2019, Watford Borough Council granted prior approval to turn the next-door Mothercare office building into residential use.
An announcement on the website of property service firm Cushman & Wakefield, which represented Cinch Self Storage and Padlock Partners in the purchase, said the open plan warehouse and secure parking unit was located “just off the M25 motorway”, next to a new residential scheme.
Developer BYM Capital notified Watford Borough Council in July 2019 of its plans to change the use of the office building to residential use.
BYM, which converts offices to residential under permitted development rights, does not need permission to build the homes under those laws.
Mothercare had sold the 100,000sq ft UK headquarters and adjacent warehouse on Cherry Tree Road to BYM Capital earlier in 2019 and signed a ten-year lease under the sale-and-leaseback deal.
