Self-storage company Lok’nStore is preparing for continued growth in 2021 as occupancy continues to pick up across the business.
Ahead of its interim results on 26 April, the group said that trading in the six months to 31 January had been strong with self-storage revenues up by 11%. Unit occupancy was up by 24.7% – a gain of 175,897 sq ft over 12 months, which the firm said was an indicator of accelerating revenue growth.
Occupancy as a percentage of current lettable area was up from 67.1% in 2020 to 81.6% this year. However, price per sq ft of occupied space dipped by 2.6%, caused by a pause on price increases during the pandemic.
Chairman Andrew Jacobs said the firm was now pushing forward with its pipeline of 11 new stores, which would “add considerable momentum” to its growth, with more sites actively being targeted.
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