16/04/2024
News
Storage company looks to Lincoln as part of expansion strategy
Eddisons Incorporating Banks Long & Co reports that Lincoln is the latest location in the sights of a fast-expanding self-storage company in confirming the agency’s sale of a 57,500 sq ft warehouse on a 3.5 acre site just off the city’s outer ring road.
The former retail warehouse on Greetwell Road, Lincoln has been acquired from private clients of Eddisons by joint venture partners, Wigwam Storage Management and Paloma Capital in a deal which saw Midlands-based agent Michael Johnson & Co acting on behalf of the JV partners in the transaction.
The price paid for the Greetwell Road warehouse & site remains confidential, but Eddisons confirms it was marketed for OIEO £3million.
Trading as Wigwam Storage, the firm - which currently has operational sites in Worcestershire, Warwickshire & Oxfordshire - is scheduled to open this new Lincoln site in the summer.
Nick Grant, Director, Wigwam Storage Management, confirms that the acquisition of this new site in Lincoln is part of the first phase of the joint venture partners’ £50million growth strategy in aiming for countrywide expansion beyond its original clutch of Midlands’ sites.
In explaining the targeting of Lincoln, Nick Grant said, “The city has ever improving road transport connections. This can only make it more accessible to centres of commercial and residential populations across the immediate area and its surrounding counties.
“As an edge of city site, Greetwell Road ticks all the boxes. It’s a very visible, large site that lends itself to external drive-up units, and the main warehouse has an excellent property specification for conventional indoor self-storage.
“We are actively seeking similar sites that tick all the boxes for the business of self-storage in the way this Lincoln one does.”
In announcing the sale of the Greetwell Road warehouse & site on behalf of its clients, Eddisons’ William Wall, said, “Factors fuelling the steady growth of the UK’s £1billion self-storage business sector - such as a shortage of rental properties in the face of high demand - look unlikely to abate for the foreseeable future.
“Lincoln’s position on the map means it’s perfectly placed to capitalise on this growing sector of the UK economy where location and logistical reach are operationally critical.”
