Lok’n Store’s development pipeline grows as company seeks to capitalise on demand for self-storage
A publicly listed self-storage company is close to opening its biggest store to date in Barking, Greater London.
This morning, Lok’n Store said it received formal planning permission for the new London store which would sprawl 84,000 sq ft.
Board members said they were also anticipating planning permission for a new freehold store in Eastbourne in the coming weeks.
“This landmark location, adjacent to supermarkets and retail outlets is close to our existing leasehold store, which has been trading since 2003,” they said.
Lok’n’Store has over 40 sites in the UK, and in recent months has opened up in Basildon and Kettering.
It is also working to launch new sites in Staines and Bromborough which are due to open at some point this year.
Andrew Jacobs, Chair of Lok’nStore, said:“We continue to deliver on our strategy of opening more new stores in the under supplied self-storage market.”
“We have made significant progress on our new store pipeline with the Basildon store opening in December 2023, the Kettering managed store in February 2024 and two more stores due to open in 2024 in Staines and Bromborough.
“These new stores are anticipated to add further momentum to sales, earnings and net asset growth.”
News of an expansion came in conjunction with the firm’s six-month trading update to January, revealing a 4.9 per cent rise in storage revenue.