Lok’nStore Group PLC, which operates 26 self-storage and two records-storage facilities in the United Kingdom, has acquired two development sites. An existing building in Cardiff, Wales, will be converted to 45,000 square feet of rentable space. The company also intends to develop a 60,000-square-foot facility in Cheshunt, England, according to the source.
The Cardiff project on Penarth Road is expected to cost about £5 million. Renovation work is scheduled to begin this fall, with the facility expected to open early next year.
The £10 million Cheshunt development will be built on 2.2 acres. It’s scheduled to begin next fall, with completion slated for late 2020.
Both locations will be freehold assets. The sites will increase the company’s portfolio by 32 percent, the source reported. "These two new landmark locations add to the recent rapid growth in our pipeline of stores,” CEO Andrew Jacobs said in a prepared statement. "We are delivering our objective of growing rapidly by acquiring sites to develop new landmark stores from the balance sheet and to increase the number of stores we manage under the Lok'nStore brand for third parties."
Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It operates 26 self-storage facilities and two record-storage properties in South England.
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