Lok’nStore reports rise in revenue and occupancy
Self-storage company Lok’nStore’s like-for-like revenue in its core self-storage business rose by 5.5% in the year ended 31 July.
The group said that its like-for-like self-storage occupancy was also 6.5% higher and price per let square foot increased by 0.8% on a like-for-like basis over the period.
In addition the group also recently announced the development of four new landmark stores in Bedford, Ipswich, Exeter and Dover.
Self-storage company Lok’nStore’s like-for-like revenue in its core self-storage business rose by 5.5% in the year ended 31 July.
The group said that its like-for-like self-storage occupancy was also 6.5% higher and price per let square foot increased by 0.8% on a like-for-like basis over the period.
In addition the group also recently announced the development of four new landmark stores in Bedford, Ipswich, Exeter and Dover.
This takes the group’s portfolio of stores under development to seven, totalling 338,300 sq ft of new capacity, adding 26.1% to its existing trading space of 1.2m sq ft.
The three sites that it developed last year, in Gillingham, Wellingborough and Hemel Hempstead, are all in their final phase of development and will all be open by early 2018. Bedford, Ipswich, Exeter and Dover are scheduled to open towards the end of 2018.
Chief executive Andrew Jacobs said: “Lok’nStore’s strategy of expanding the operating footprint of the business by developing both managed stores and owned stores while maintaining its strong balance sheet, combined with our flexible banking facility, give us confidence that Lok’nStore can continue to deliver growing dividends for its investors from an increasing number of stores.”
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