Self-storage company sells Wolverhampton land in £1.5m deal

Self-storage company Lok’nStore has sold its freehold land at Pantheon Park in Wolverhampton to GMS in a deal worth just over £1.5m.

The site has planning permission for a new storage facility.

Lok’nStore will enter into a new Management Services Agreement and Development and Advisory Agreement with GMS in respect of the Wolverhampton site in which the group will provide property and construction advice during the construction and management of the store on built.

Once developed the Wolverhampton facility will comprise a 52,600 ft store, which is expected to open by Q1 2022.

Neil Newman, managing director of Lok’nStore said: “We are pleased to push forward our store management business with this new development in Wolverhampton. It provides continued momentum to our new store opening program with four stores currently under development.”