U.K. self-storage company Lok'nStore Group PLC recently purchased a 0.9-acre lot in Longwell Green, Bristol, England, to develop a new facility. The citys planning commission has already approved development for a 50,000-square-foot self-storage project. The site is in a busy retail park, according to a Lok'nStore press release, and the development is expected to cost about £4 million.
Once open, this will be Lok'nStore's 26th facility. The company recently opened a store in Maidenhead and will open stores in Aldershot, Reading and Southhampton this year. Construction will begin on the Bristol location following the opening of these stores, according to CEO Andrew Jacobs.
"This is a key part of our strategy and adds a further site to our store development program. The news comes at an exciting time for Lok'nStore as we are currently in an expansion phase, building out our existing site pipeline, and this adds a further site to our portfolio, Jacobs said.
LoknStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. Around 60 percent of the company's 7,000 customers are residential and 40 percent commercial. LoknStore has more than 920,000 square feet of net rentable space, which is evenly split between freehold and leasehold.