A self-storage company is taking space at the former Next store in Liverpool city centre as part of a UK-wide expansion. Tony McDonough reports
Self-storage brand StoreAway is opening a new self-storage centre in the former Next store in Liverpool city centre.
StoreAway’s move into a 40,000 sq ft space at the Church Street site is part of a nationwide expansion plan by the business which aims to transform around 250,000 sq ft of redundant retail space. It will open in Liverpool in early May.
It has been founded by an independent team of self-storage managers, together with two experienced executives from the world of fund management and commercial property investment. The self-storage sector continues to enjoy strong year-on-year growth with a 30% increase in profitability since 2013.
In May 2021 the owner of the 100,000 sq ft building, Redevco, appointed Liverpool property consultancy The Momentum Group to oversee a reconfiguration of the property to enhance its attraction to a wider range of potential occupiers. Next has relocated to the former Forever 21 store just yards away.
StoreAway managing director Richard Lanyon said: “Prevailing property market dynamics, such as the demise of the traditional retail sector, has allowed us to take relatively abundant existing buildings, in commercially attractive locations, and convert them in order to meet self-storage operational needs.
“Over the past decade, the self-storage sector has witnessed strong growth rates with demand outstripping supply. The COVID crisis has seen revenues, rates and occupancy all hold up proving its resilience.
“We believe that external trends, such as urbanisation, changing work practices and increased customer awareness will boost demand even further. StoreAway will deliver an excellent service with best-in-class processes, which will embrace digital and other forms of technology to drive sales and operational efficiencies.”
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Users of the service will be able to take control of their storage needs via a smartphone app where they are able to book a space, arrange a drop-in time or visit their designated locker 24 hours a day. It also allows shared access with friends and family.
StoreAway has also developed what it says is an easy-to-use measuring tool to quickly determine the storage solution that best suits peoples’ needs and save them paying for more space than they actually require.
Managing director Christian Yates, who was formerly chief executive of Julius Baer in London, added: “We wanted to create a service that fits in with the modern lifestyle and that means there is no one size fits all approach.
“If the pandemic has taught us anything it’s that people are looking for flexibility and control over their own time, space and routines so that’s exactly what we’re giving them.”
StoreAway plans to launch 10-15 stores over the next three to five years and has already secured further sites in Birmingham, Basildon, Cheltenham and Bath, which will be unveiled over the next six months.