The board of Lok'nStore Group recently optioned to acquire a site in Southend, England. The site contains 1.2 acres and fronts the busy Eastern Avenue near the town center. When developed, it will provide up to 60,000 square feet of storage space in a prominent, modern building. The project is subject to planning permission.
"We are pleased to have secured an option on this attractive site. By acquiring an option we are locking in the current low land values while monitoring the recovery of the economy to ascertain the appropriate moment to build out the new store pipeline, said CEO Andrew Jacobs. Lok'nStore has a strong operating business, which is cash-generative and backed by substantial property assets. Against this background the board will continue to pursue further value creating asset-management opportunities."
Lok'nStore has a portfolio of 22 self-storage centers across the southeast of England. The portfolio includes 1.2 million square feet of self-storage.