U.K. self-storage company Lok'nStore Group PLC recently sold its property in Reading, England, to a housing developer for £2.9 million. Additional payments will depend on the value of house sales achieved, according to the source.
The company is also in negotiations to sell an undeveloped site in the community of North Harbour in Portsmouth, England, for £3 million. The transaction is dependent on the buyer’s ability to secure planning permission from city officials, which could take up to 18 months, the source reported. The funds from the sale would be used to finance the development of Lok’nStore’s new facilities in Bristol and Southampton, England, CEO Andrew Jacobs told the source.
Lok'nStore purchased a 0.9-acre lot in Longwell Green, Bristol, earlier this year to develop a new facility. The city’s planning commission approved development of a 50,000-square-foot self-storage project, which The development is expected to cost about £4 million and open next year.
Lok’nStore 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 are commercial. Lok’nStore has more than 920,000 square feet of net rentable space, which is evenly split between freehold and leasehold.