Joint venture partners Wigwam Storage Management and Paloma Capital have acquired a 57,500 sq ft warehouse in Lincoln from a private vendor for an undisclosed price.
The warehouse, which sits on a 3.5-acre site on Greetwell Street, was marketed for offers in excess of £3m. The warehouse will open as a Wigwam Storage centre in the summer and is part of the first phase of the joint venture partners’ £50m UK growth strategy.
Nick Grant, director at Wigwam Storage Management, said: “The city has ever improving road transport connections. This can only make it more accessible to centres of commercial and residential populations across the immediate area and its surrounding counties. As an edge of city site, Greetwell Road ticks all the boxes. It’s a very visible, large site that lends itself to external drive-up units, and the main warehouse has an excellent property specification for conventional indoor self-storage. We are actively seeking similar sites that tick all the boxes for the business of self-storage in the way this Lincoln one does.”
William Wall, from Eddisons, which sold the asset on behalf of a private client, said, “Factors fuelling the steady growth of the UK’s £1bn self-storage business sector – such as a shortage of rental properties in the face of high demand – look unlikely to abate for the foreseeable future. Lincoln’s position on the map means it’s perfectly placed to capitalise on this growing sector of the UK economy where location and logistical reach are operationally critical.”
Michael Johnson & Co acted on behalf of the JV partners on the transaction.
