Self storage provider Lok’nStore Group has signed an agreement to operate a new centre in Crawley, West Sussex, on behalf of a third party investor.
It is the third store management contract signed by Lok’nStore, the second with the Crawley investor, following the opening of a store in Woking in 2007.
Lok’nStore will provide a medium term loan of £250,000 and some temporary short-term bridging finance to facilitate the investor’s purchase of the site, and will manage the fit-out and operation of the store.
The freehold property faces on to a roundabout on Gatwick Road in the centre of the Manor Royal business area.
Lok’nStore will generate a return by charging the company a management fee with performance incentives, as well as interest on the loan.
The transaction is expected to complete on 10 August 2012 with the 47,000 sq ft store due to open later in 2012.
Chief executive Andrew Jacobs said: “The announcement of this exciting new venture follows our recently announced partnership with Lidl in Maidenhead and our joint venture in Aldershot, both of which are expected to commence trading in 2013.
“It will increase the number of stores we manage to 25 and will capitalise on our efficient operating systems and growing internet marketing presence. This agreement demonstrates Lok’nStore’s ability to attract investment partners and create innovative structures proactively to drive the growth of the portfolio.”
jack.sidders@estatesgazette.com
