Scunthorpe Self Storage has opened in the Skippingdale Retail Park in Scunthorpe, England. The 20,000-square-foot facility, which was converted from a former warehouse, features indoor units and automated services with 24-hour access, as well as warehouse floor space for storing pallets, theater sets and other items. It’s the second facility for owner Ross Stewart, who opened Selby Self Storage last year in Selby, England.
The Scunthorpe facility has five employees and is expected to generate £1.5 million in revenue next year, Stewart told the source. "We've seen fantastic take-up at the new business in Selby, so I decided to launch a second site in Scunthorpe,” he said. “It occurred to me that we didn't have any storage facilities locally, and the retail park in Scunthorpe seemed a great location to launch the second site.”
The self-storage operator secured financing from Barclays PLC. "Ross is a longstanding and valuable customer, so when he decided to launch the second site, we were delighted to provide the funding,” Kelvin Smith, relationship director at Barclays, told the source. “It is great to see a fast-growing local business taking advantage of low interest rates and investing for the future, creating jobs and contributing to the local economy."
Commercial conversions are on the upswing across the United Kingdom, according to Duncan Willey, a divisional director with real estate services firm PPH Commercial, which helped broker the deal for the Scunthorpe property.
"Significantly, there is very little speculative new build. There hasn't been for a while, and people are forced to take existing buildings and refurbish, which is good,” Willey told the source. “I do sense we are getting to a point now where there are no silly deals being done, but there is still a shortfall when it comes to developers achieving value against new build costs."
Sources:
- Scunthorpe Telegraph: Scunthorpe Self Storage Opens New Store at Skippingdale Retail Park
