Barwood Capital has recently acquired its first site in Lincoln as part of a strategic investment in the growing self-storage sector. The company will be partnering with self-storage specialist, Flexiss, to develop this new venture.
The acquisition was facilitated through the Barwood Regional Property Growth Fund V. Barwood has aligned with Flexiss as an operator and development partner for this initiative. Together, they will acquire vacant buildings and transform them into modern, energy-efficient self-storage assets.
Flexiss currently oversees approximately £200m in assets, including both new builds and conversion projects. The facilities acquired in collaboration with Barwood will operate under the SureStore brand.
The focal point of this initial acquisition is the Scott Storage Centre Facility located within the Lincoln Westminster Industrial Estate. This site currently features a purpose-built storage and removals operation spanning 14,500 sq ft, along with 13,885 sq ft of external storage containers.
Barwood has secured the freehold interest in this prime location and intends to renovate the existing unit into a state-of-the-art self-storage facility. The revamped store, featuring a full SureStore rebrand, is set to open in early 2025. The facility will comprise 60,840 sq ft of space spread over four floors, including 6,840 sq ft of external containers.
The project aims to achieve an EPC rating of A, incorporating new features such as a solar array, EV charging points, and motion sensor-activated energy-efficient LED lighting.
Edward Henson, Director and Head of Transactions at Barwood Capital, expressed, “The self-storage sector presents an under-served market with growing demand. Our goal is to establish a regionally focused asset portfolio to support this sector’s expansion.”
Henson added, “This initial acquisition provides a unique opportunity to develop a high-quality facility in an area facing an undersupply of self-storage solutions. The facility will offer cost-effective storage options for residential and commercial customers while generating employment opportunities.”
Mike Wilson, CEO of Flexiss, commented, “We are thrilled to collaborate with Barwood Capital on this project, which marks the beginning of a series of joint ventures. This endeavor will bring innovative, sustainable, and convenient self-storage solutions to our customers in Lincoln.”
CBRE provided agency advice for the transaction, while legal advice was handled by Napthens and Osborne Clarke.
