Fast-growing self-storage specialist Lok’nStore has bought 6 Churchbridge in Oldbury for £3.25m.
Acting on behalf of purchaser Lok’nStore, Drake Commercial acquired the freehold of the newly-constructed 29,456 sq ft trade counter/warehouse from Travis Perkins to enable Lok’nStore to continue their expansion in the Midlands.
The Churchbridge unit is located on a 1.66 acre site on the A4034 dual carriageway, midway between Oldbury town centre and Junction 2 of the M5.
Tom Lampard, director of acquisitions at Lok’nStore, said: “The unit gives us the clean, bright and modern environment our customers require, on a busy main road in a lively commercial area. We will now carry out fit out works and hope to open for business in June.
Joe Smith, Partner at Drake Commercial, said: “In the current market, freehold opportunities such as this are a rarity. This building is a new build unit in an extremely prominent location with many well known national operators close by. The building fits Lok’nStore’s requirements and provides much needed self storage space for customers in the West Midlands.
Lok’nStore opened its first self-storage centre in Horsham, Sussex 23 years ago and now has 35 self-storage centres for household and business customers in the UK, with a further 10 in development.
Tom Lampard added: “We are also opening in Wolverhampton and are looking for other premises in the Midlands to enable us to continue to expand in the region.”
Travis Perkins were represented by Knight Frank, Birmingham.