Lok’nStore acquires Portsmouth site

Lok’nStore has outlined plans to expand its portfolio to 23 stores following the purchase of a third site in Portsmouth, for £4.3m.   The AIM-listed self storage company bought the freehold of a two acre site at the Paulsgrove Industrial Centre in North Harbour, Portsmouth, from vendor Albion Harvest.   It will develop a 65,000 sq ft facility on around half the site and plans to sell the remainder.   The company also has centres under development in central Portsmouth, Norway Road, Hilsea and Standard Way, Fareham, which when completed will increase its total lettable area to 1.1m sq ft.   Lok’nStore chief executive Andrew Jacobs said: “This site fits neatly between our established centres in Fareham and Hilsea, and the store in development in central Portsmouth.   “This additional unit means we will be in highly visible and easily accessible locations for the whole of the Portsmouth area, and this will reinforce Lok’nStore’s position as the first choice for local self-storage customers.   “Together with our Southampton store we have a pre-eminent position in the Solent market. We continue to look for new sites in this and other areas in southern England and the midlands to continue our rapid expansion.”   The company embarked on a £50m site acquisition programme in March, advised by Rapleys.   patrick.clift@rbi.co.uk