Lok’nStore secures Cheshunt Lidl deal as pipeline grows

Self-storage provider Lok’nStore has struck a deal with Lidl on its freehold in Hertfordshire, while separately boosting its pipeline with new sites. Subject to planning, Lok’nStore has exchanged contracts with Lidl on the shared use of its site in Cheshunt, creating a new self-storage centre and Lidl retail store. This will open in 2021, if it gains approval. It is the company’s second partnership with Lidl, after a previous collaboration in Maidenhead opened in 2013. The group bought the 2.2-acre development site in 2018, with plans to build a 60,000 sq ft facility. Separately, the company has expanded its pipeline after exchanging contracts on a building in Oldbury, West Midlands, which it plans to fit out for a 42,000 sq ft store. It has also exchanged on a site in Chester, Cheshire, which will be developed into a “landmark” store if it gains planning consent. Lok’nStore also received planning consent to develop a new store on its site in Wolverhampton, West Midlands. Construction of the 50,000 sq ft store will begin shortly, with the store expected to open in early 2021. The total store pipeline now stands at 15 sites. New stores in Leicester and Gloucester are due to open before the end of its financial year. Andrew Jacobs, group chief executive, said: “With our strong balance sheet and low gearing, we will continue to build more landmark stores in an undersupplied market, adding considerable momentum to sales and earnings growth in the coming years.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette