Lok’nStore will receive one-off fees for finding and securing the site, development advice and use of the Lok’nStore brand. The expectation is that the developer will be onsite in the coming months, with the store expected to open in late 2024.”
Self storage business Lok’nStore Group has exchanged contracts on a new site on the Wirral.
The Bromborough site will be a base for a new 49,500 sq ft Landmark store. The site, which already benefits from planning permission, will be owned by an existing Managed Store client.
Lok’nStore will receive one-off fees for finding and securing the site, development advice and use of the Lok’nStore brand. The expectation is that the developer will be onsite in the coming months, with the store expected to open in late 2024.
The business said it has been buoyed by “excellent” trading and outlined details of its plans to expand further. The firm has a pipeline of 11 secured stores, which will result in it operating 52 sites when fully developed. Of the 11 pipeline stores, six have planning permission, of which four are on site.
Beyond the secured pipeline, Lok’nStore has four more sites progressing with lawyers and continues to see “many opportunities beyond this”. Elsewhere, the firm has completed a new lease for its existing Eastbourne store, which will run for 20 years with a tenant-only break clause after five years.
As far as trading goes, Lok’nStore revealed that stores revenue was up 13.2 percent year-on-year for the quarter ending April 2023. Chair Andrew Jacobs said: “Our secured pipeline is now 11 stores which will add considerable momentum to earnings growth in the coming years, and we are continually assessing more new sites.
“The transactions announced today, will add further value to the group, and demonstrates that Lok’nStore is well positioned to build and open more new stores in the under-supplied UK self-storage market.”
