Glasgow

Using the Market Discovery Data Tool from StorTrack’s MarketView Platform (MVP), we were able to view market data for Glasgow, the most populous city in Scotland and the fourth-most populous city in the UK. Despite strong population metrics, the city has only 1.07 square feet of storage per capita, nearly 70% less than the national average of 1.58. To view additional metrics and learn if this area presents a viable investment opportunity, visit the link labeled “Click Here to View Market Information“.

Construction Begins on Industrial Business Park

Work has now started on a 30,000 sq ft industrial and warehouse business park in Monks Cross, York. The MX Park features 11 industrial units, ranging from 1,925 sq ft to 3,550 sq ft in size, which are available to lease on flexible terms. Experience has shown us these types of units appeal to a wide range of businesses due to their flexible nature and the ability to install mezzanine floors. Monks Cross has been one of the most successful out-of-town developments in North Yorkshire over the past 20 years,…

Market of the Month: Milton Keynes

Using the Market Discovery Data Tool from StorTrack’s MarketView Platform (MVP), we were able to find Milton Keynes, the largest town in Buckinghamshire, England. With 12 stores in the city and one known development in the pipeline, investors considering entering Milton Keynes should evaluate the market’s tolerance for new supply diligently. To view additional metrics, visit the link labeled “Click Here to View Market Information“.

Storage Vault of Scotland to Accept Bitcoin for Self Storage Payments

Storage Vault Ltd. is now accepting Bitcoin as a form of payment from customers. The cryptocurrency will be acceptable in CoVault, the company’s flexible-workspace division, according to a press release. Storage Vault accepting Bitcoin as a payment option because of its benefits and to offer more payment choices for tenants. Company officials believe cryptocurrency will become more common in future. We are the first self storage and workspace business in the U.K. to accept Bitcoin.” Bitcoin was invented in 2008. It is not controlled by a bank or administrator. Rather,…

Heitman Raises $3.2 Billion for Three New Funds to Invest in Self Storage, Other Commercial Real Estate

Real estate investment firm Heitman LLC has raised $3.2 billion to launch three new funds that will seek commercial real estate investments focused on apartments, medical offices, senior and student housing, self storage and warehouses. It will also use funds to repurpose existing retail and office buildings as hospitality, mixed-use and residential properties, according to the source. Heitman Value Partners V will focus on North American opportunities, while Heitman Real Estate Debt Partners II and Heitman Global Real Estate Partners II will specialize in high-yield credit. Capital infusion came from…

UK Self-Storage Operator Lok’nStore Releases Pre-Close Financial Results for Fiscal 2021

U.K. self storage operator Lok’nStore Group PLC has released pre-close financial results for its 2021 fiscal year, which ended July 31. Self storage revenue increased 20.9% year over year, while physical occupancy across the portfolio grew from 69.6 percent to 85.8 percent. Total occupied space at year-end was up 35.3%, while leased price per square foot grew 8.7%, signaling expectations for continued revenue and profit growth, officials said. Lok’nStore has also remained active with development and believes new supply will contribute to future growth. “We have made significant progress on…

The Advantages of a Working with a Security Integrator

Modern self storage security encompasses an increasingly complex range of technology that deter crime while improving operators’ ability to monitor and respond to threats. As the demand for more comprehensive and complex systems grows, so does the importance of proper installation. While most have a low-voltage electrician they can call on, the operational advantages of establishing an ongoing relationship with a certified security integrator that specializes in self storage, is often overlooked. With the ability to coordinate, install and connect solutions, integrators play a crucial role in helping owners and…

Big Yellow Occupancy and Net Rent Improves in First Quarter

Self storage operator Big Yellow reported a 14.6% improvement in closing occupancy for its first quarter on Thursday, to 4.49 million square feet, as the maximum lettable area across its store estate grew by 6.3% to 4.98 million square feet. The FTSE 250 company said that as a result, its like-for-like closing occupancy was 9.3 percentage points higher year-on-year for the three months ended 30 June, at 92.9%. We are pleased to have delivered a strong trading performance in the first quarter and we have now achieved our long-held goal of…

Self Storage Firm Secures Bank Backing for Expansion

A self storage business with sites across the South East is poised for further growth after securing the backing of Lloyds Bank. Cinch Self Storage has purchased an already-operational 12,500 sq ft facility in Brighton, comprising units ranging from 15 to 250 sq ft. We’re an ambitious and rapidly-growing company, which is reflected by the purchase of our sixth facility in just three and a half years, with more to follow.” The acquisition was backed by a seven-figure loan from Lloyds. Cinch has existing facilities in Bicester, Chippenham, Huntingdon, Letchworth…