May 2022
GCW has helped self-storage operator StoreAway seal its latest deal in Liverpool city centre. Its latest acquisition will transform the upper parts of the former Next unit on Church Street, demonstrating how this growing use class can offer redundant town centre assets a new lease of life.
The operator has committed to a 15-year lease on 40,000 sq ft of former retail space at 18-20 Church Street in Liverpool. The self-storage operator has agreed a deal with Redevco which will see floors 2 to 6 transformed into a self-storage unit. StoreAway is paying £137,500 pa plus 15% turnover. The deal incorporates a rent free period and capital contribution. Alongside Liverpool, StoreAway has also secured acquisitions in Cheltenham and Birmingham’s Corporation Street. Later in the year, the brand is looking to secure planning for a unit in Basildon and is exploring further town and city centre opportunities across the UK.
GCW Partner, Simon Horner, said: “We are delighted to have helped bring StoreAway to Liverpool and we’re looking for further town and city centre units of between 30,000 and 60,000sq ft. The self-storage market has proved particularly resilient during the pandemic and offers a great opportunity for landlords to generate income from redundant assets”.