New self-storage market entrant StoreAway has secured a total of more than £16 million in investments just weeks after the launch of its flagship Liverpool site.
Established by a team of self-storage management and property experts, the brand offers flexible storage space in city centres and urban settings by repurposing unoccupied retail and leisure outlets on some of the UK’s most well-known highstreets.
Despite still being in its infancy, StoreAway has captured the eyes and investment of Redevco, Legal & General and Nash Business Capital, meaning it will now open in Birmingham, Bath, Cheltenham and Basildon over the next six months.
Managing Director of StoreAway Christian Yates said: “For a relatively new company, investors have shown extremely promising interest – not just here in the UK, but also further afield due to the main contributing factor of demand continuing to outstrip supply within the self-storage industry.
“These new sites are in prime city and town centre locations and include former supermarkets, department stores, furniture depositories and retail warehouses, with some being sat redundant since the height of the pandemic. They have low capital value, they’re spacious with functional lifts and good access, and they’re also relatively straight forward to convert.”
The StoreAway concept embraces technology, offering advanced control systems that allow users to access self-storage solutions 24 hours a day, seven days a week via a smartphone app with the option of sharing entry with friends and family through a tailored approach.
Supporting the launch and operations of each site is leading independent storage consultancy Engage, led by Anthony Adams and Mark Van Adrichem, who alongside their team have built a respected reputation amongst the storage community over the past decade.
Responsible for property acquisitions and asset management, Managing Director Richard Lanyon added: “StoreAway is playing a pivotal role in monopolising the burgeoning self-storage industry by setting the agenda for the next phase of development. We’ve successfully created a solution for investors who wanted alternative propositions in the property market while offering a service that encompasses modern life and what people need in their daily lives.
“We want to continue to build a nationwide portfolio over the next three to four years with a clear ‘urban’ brand. By embracing the challenge of transforming such redundant buildings, we hope to open a total of 20 stores across the width and breadth of the country.”
StoreAway Liverpool opened earlier this month in a 36,000 sq. ft former department space in the heart of Liverpool’s popular shopping district, Liverpool ONE.