Lok'nStore progresses pipeline as it targets 33pc more lettable space
Self-storage company Lok'nStore updated the market on its new store development pipeline on Tuesday, reporting that it had exchanged contracts on a new 56,000 square foot store in Staines, Middlesex, due to open in 2022.
The AIM-traded firm said it had also purchased a freehold site in Peterborough, Cambridgeshire, with planning to be submitted for a 50,000 square foot landmark store.
In Bournemouth, it announced a resolution to grant planning permission for its largest ever landmark store at around 76,000 square feet.
The board also said that in Warrington, Salford, Stevenage and Wolverhampton, construction was underway on new store locations.
Finally, Lok’nStore reported the sale of its vacant property in Southampton, Hampshire for £1.69m.
When developed, the company said its current pipeline would add 33.1% to its total lettable area.
“We continue to execute on our objective to open more landmark stores whilst maintaining the strength of our balance sheet and remaining conservatively geared,” said executive chairman Andrew Jacobs.
“In recent months we have continued to progress the development of our new store pipeline with further new acquisitions and commencement of building works.
“Our total secured pipeline is now 11 stores and we are on site at four of these that will open by the beginning of 2022.”
Jacobs said two further sites were progressing with lawyers.
“The pipeline of new stores will add considerable momentum to sales and earnings growth allowing further increases in dividends.”
Lok’nStore said it would provide a further update in its pre-close statement for the first half on 8 February.
At 1304 GMT, shares in Lok’nStore Group were down 0.73% at 680p.