Larry Lipman’s Safeland has launched a division to develop a chain of self-storage warehouses throughout the UK.
Safestore has bought three industrial buildings in north London to convert into high security self-storage centres, and hopes to roll out the American-inspired concept around the M25. It aims to convert 92,900 sq.m. (1m sq.ft.) of space within four years and has ambitions to build centres in Europe.
Managing director Lipman said that he set up Safestore as an alternative to converting offices into upmarket flats, because office demand has pushed prices up too high for the company to make a profit.
Safeland sold £27m property, mainly commercial buildings suitable for residential conversion, in the six months to MArch, almost doubling turnover to Pretax profit rose 77% to £2.3m.
