At about 84,000 sq ft, this freehold Landmark store would be its biggest to date when it opens. A grant from the planning committee for its updated planning permission at its freehold site in Cheshunt, Hertfordshire, has also been secured.”
Self-storage company Lok’nStore has been buoyed by ‘excellent trading’ and outlined plans to expand its portfolio of sites.
The company opened its new landmark freehold store in Peterborough on 27 June 2023, with the 46,000 sq ft site having a total project cost of £7.5m.
Early trading at the recently-opened Bedford operation also “continues to be excellent”, it said.
Meanwhile, building work continues at Landmark store developments in Staines and Kettering, while in Basildon the company is now fitting out the building.
Lok’nStore has also received an “indicative intention” to formally grant planning permission under delegated powers in Barking, Greater London, subject to the agreement of planning conditions.
At about 84,000 sq ft, this freehold Landmark store would be its biggest to date when it opens. A grant from the planning committee for its updated planning permission at its freehold site in Cheshunt, Hertfordshire, has also been secured.
Reflecting on the period and progress, chair Andrew Jacobs said: “Trading continues to be excellent with store revenue expected to be up about 10.5 per cent in the second half of our financial year ending 31 July 2023.
“We continue to deliver on our objective of opening more landmark stores whilst maintaining the strength of our balance sheet and remaining conservatively geared.
“Our secured pipeline of ten stores will add considerable momentum to earnings growth in the coming years. Lok’nStore is well-positioned to build and open more new stores in the under-supplied UK self-storage market.”
