Self storage giant buys land in Eastbourne
Self storage company Lok'nStore Group plc has acquired a 60,000 sq.ft freehold landmark site in Eastbourne, Sussex.
Contracts have been exchanged on a freehold site in Eastbourne, Sussex where Farnborough-headquartered Lok'nStore intends to submit planning for a 60,000 sq ft store. Completion is due by the end of the year upon vacation of the current occupier.
The landmark location, adjacent to supermarkets and retail is close to the company's existing leasehold store. The initial land cost will be £5.53 million and total net project costs are expected to be around £12 million.
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Lok'nStore recently announced the signing of a new lease at its existing Eastbourne store which runs for twenty years. The current store has been trading successfully since its opening in 2003.
Following the Eastbourne freehold purchase the company's total secured pipeline of 11 secured new stores will result in the Group operating 52 stores.
Building work continues at three new store developments in Staines, Basildon and Kettering (managed), all of which will be open in the next 12 months.
Commenting on the recent progress Andrew Jacobs, Chair, said: "Following our share placing earlier this month which provided c.£19.8 million of funding we are pleased to announce the purchase of a strategic Landmark freehold site in Eastbourne, Sussex.
"Revenue momentum continues to be strong in H2 and we continue to deliver on our strategy to open more new stores in the under-supplied UK self-storage market. We have opened 2 stores in the current financial year and are onsite at a further 3 stores. These stores will add considerable momentum to earnings growth in the coming years."
