AIM-listed self-storage company Lok’nStore has agreed to share a development site in Maidenhead, Berkshire, with budget supermarket chain Lidl.
Subject to planning, Lok’nStore will build a state-of-the-art self-storage centre which also provides space on the ground floor for a Lidl store. The centre, which is expected to open in 2013, will have around 58,000 sq ft of self-storage space.
Lok’nStore will grant a new lease to Lidl concurrent with Lok’nStore’s own lease.
Lok’nStore chief executive Andrew Jacobs said: “We are delighted to create this partnership with Lidl, a major retailer enabling us to move forward with the development of our new Maidenhead store. The choice of partner underlines the quality of our sites and reinforces the underlying value of Lok’nStore’s property.
“The new Maidenhead store will add to our portfolio of large, modern, new build self-storage centres across south-east England. These have proved resilient to the recession with prices and occupancy both rising over the last financial year.”
samantha.mcclary@estatesgazette.com
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