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 sq ft, plus 13,885 sq ft 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 sq ft of space arranged over four floors, including 6,840 sq ft 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.”
CBRE gave agency advice, with Napthens and Osborne Clarke giving legal advice on the purchase and structure.
