10th July 2024

Barwood acquires first site in new self-storage partnership with Flexiss

Barwood Capital has acquired its first site in Lincoln, as part of a new investment strategy focused on the growing self-storage sector which will see the company partner with self-storage specialist, Flexiss.

The acquisition was made through the Barwood Regional Property Growth Fund V. Barwood is partnering with Flexiss as an operator and development partner for the new strategy, helping to acquire vacant buildings to be transformed into modern, energy efficient self-storage assets.

Flexiss currently has c.£200m in assets under management, including new build development projects and conversion projects. The new facilities acquired in partnership with Barwood will trade through its SureStore brand.

This first acquisition centres on the Scott Storage Centre Facility, which sits within the Lincoln Westminster Industrial Estate and currently includes a purpose-built storage and removals operation, totalling 14,500 sqft, plus 13,885 sqft of external storage containers.

Barwood has acquired the freehold interest  in this prime location and plans to repurpose the existing unit into a state-of-the-art self-storage facility with a full SureStore rebrand in early 2025. Once complete, the new store will incorporate  60,840 sqft of space arranged over four floors, including 6,840 sqft of external containers.

The plans target an EPC rating of A, with new features including a solar array, EV charging points and motion sensor activated energy-efficient LED lighting.

“The self-storage sector is currently under-served, with demand from both individuals and businesses, and our aim is to create a regionally focused portfolio of assets to support the sector’s growth” said Edward Henson Director, Head of Transactions at Barwood Capital.

“This first acquisition is a unique opportunity to create a high-quality facility, in an area where there’s an acute under-supply of self-storage accommodation. The facility will offer a cost-effective solution for domestic and business customers in the area and create direct employment opportunities.

“As with all our projects, environmental responsibility has been among the priorities; our stores will be run with the highest energy efficiencies, keeping our offering cost effective for our customers and our environmental impact to a minimum.”

Mike Wilson, CEO of Flexiss said, “We are proud to be working in partnership with Barwood Capital on this project, which will be the first in a number of projects together.

We are delighted to be able to offer our customers in Lincoln innovative, sustainable and convenient self-storage solutions.”

Co-founder Andy Wood said: “As industry leaders, Flexiss continues to work with investors like Barwood Capital to revolutionise the self-storage experience for home and business customers. Our desire for innovation creates more sustainable operations with cutting-edge technologies

Barwood and Flexiss are excited to be rolling out a new portfolio of stores together , and remain keen to hear of further acquisition opportunities for repositioning redundant buildings.

CBRE gave agency advice, with Napthens and Osborne Clarke giving legal advice on the purchase and structure.

 

About Barwood Capital

Barwood Capital is an owner managed business founded in 2009, specialising in UK regional investment and development.  Our purpose is to innovate and unlock value, generating strong and sustainable growth. We achieve this by investing responsibly in UK regional real estate and combining nimble capital with the talents of our exceptional people and experienced partners.  We take a partnership approach and are committed to providing our investors and partners with a personalised service that leaves them feeling valued and rewarded. To date, Barwood Capital has invested over £430 million into UK regional real estate, creating over £1bn in value, with a repeat investor rate of over 80%*.

* repeated investment of pounds sterling by investors from other Barwood Capital Funds

For further information visit https://barwoodcapital.co.uk

 

About Flexiss

Flexiss is an independent group working with institutional funds and property owners, to drive investment growth in self-storage and flexible workspace sectors. Flexiss group covers every area of the self-storage and flexi-space sectors, from land acquisition and build to the day to day running. We focus on key deliverables to improve performance for a successful capital return.

Flexiss leads the way in ESG and net zero carbon operations.

For further information visit https://flexiss.co.uk/