Member Article

StoreAway Set To Transform Redundant Retail Space On UK’s High Streets As Part Of ‘Disruptive’ New Storage Concept

A new self-storage brand that is set to transform more than a quarter of a million sq ft of redundant retail space on the UK’s high streets is being launched in Liverpool.

The first of its kind, StoreAway will offer flexible storage space in city centres and urban settings and was founded by the country’s only independent team of self-storage managers, together with two highly experienced executives from the world of fund management and commercial property investment.

The flagship site is a 40,000 sq ft former department store in the heart of Liverpool’s popular shopping district Liverpool ONE and will be a neighbour to a catalogue of large retailers, local businesses and residential occupiers.

The self-storage sector continues to enjoy strong year-on-year growth with a 30% increase in profitability since 2013.

Managing Director Richard Lanyon, who has more than 30 years’ experience as a Chartered Surveyor with a UK property investment focus, 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. StoreAway plans to be disruptive in its UK operations by building up an underlying ‘added value’ operational real estate portfolio.

“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.”

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, with the process even allowing shared access with friends and family to offer a completely tailored approach.

StoreAway has also developed an easy-to-use measuring tool to quickly determine the storage solution that best suit peoples’ needs and save them paying for more space than they actually require.

Managing Director Christian Yates, who was formally CEO of Julius Baer in London and CEO International at Bear Stearns Asset Management, 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.

“The idea has been designed to fit for many demographics, whether that is tourists looking to drop off a suitcase for an hour, a family moving home and needing to store furniture as part of a long-term solution, or a student trying to declutter their flat while they’re in university accommodation. Flexible lease options will allow people to determine what works for 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.

This was posted in Bdaily's Members' News section by Emma McGee .