Friday, March 02, 2024
Scottish self storage market continues to grow
The self storage market in Scotland is continuing to grow with operators planning to open more stores throughout the country. One company investing prolifically in this marketplace is HSBC Specialist Investments Limited who has acquired Edinburgh based Armadillo Self Storage Limited for £40m and which has part of its portfolio in Dundee
Alasdair Ramsay, Head of the Scottish office of Drivers Jonas, said: "We are advising operators where to site in Scotland and, more importantly, what to pay in an increasingly competitive market. If sites meet the key criteria for self storage then we may see some steamy prices. The forecast is that self storage buildings will soon be a familiar sight in Scottish cities - already a familiar site in the south east of England."
Armadillo Self Storage has a portfolio of ten stores. There are two sites in both Liverpool and Sheffield, with the remaining six stores in Peterborough, Hull, Stockton, Dundee, Derby and Stoke.
Armadillo Self Storage was established in 2003 by Alister Jack. More than half of the current lettable area of 320,000 sq ft of self storage space is occupied and the portfolio has the potentail to fit out a further 160,000 sq ft of space creating a total maximum lettable area of 480,000 sq ft.
Oliver Saunders, partner at Drivers Jonas who advised Armadillo, said "There is an increasing interest from investors in the self storage sector as it becomes a much more established sector of the property market. HSBC and Personal Storage have the opportunity to continue the success story of Armadilo as they continue to build their portfolio around the country."
Alasdair Ramsay, Head of the Scottish office of Drivers Jonas, said: "We are advising operators where to site in Scotland and, more importantly, what to pay in an increasingly competitive market. If sites meet the key criteria for self storage then we may see some steamy prices. The forecast is that self storage buildings will soon be a familiar sight in Scottish cities - already a familiar site in the south east of England."
Armadillo Self Storage has a portfolio of ten stores. There are two sites in both Liverpool and Sheffield, with the remaining six stores in Peterborough, Hull, Stockton, Dundee, Derby and Stoke.
Armadillo Self Storage was established in 2003 by Alister Jack. More than half of the current lettable area of 320,000 sq ft of self storage space is occupied and the portfolio has the potentail to fit out a further 160,000 sq ft of space creating a total maximum lettable area of 480,000 sq ft.
Oliver Saunders, partner at Drivers Jonas who advised Armadillo, said "There is an increasing interest from investors in the self storage sector as it becomes a much more established sector of the property market. HSBC and Personal Storage have the opportunity to continue the success story of Armadilo as they continue to build their portfolio around the country."
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