Rent A Space sell Liverpool store to Armadillo
JLL has advised Rent A Space (Self-Storage) Limited on the disposal of its Liverpool store to Armadillo Self Storage Limited for an undisclosed sum.
The asset sale of the freehold store, which is based in the Aintree area of North Liverpool on Dunnings Bridge Road which is a gateway route into the city, complements the existing Armadillo portfolio in the city of Liverpool.
The mature asset, with over 85% occupancy levels and an MLA in excess of 50,000 sq ft, was developed by Kevin Murphy and Andrew Donaldson in 2015 as their first store in the Rent A Space portfolio and reached maturity just over three years from opening.
Kevin Murphy of Rent-A-Space stated “As a Liverpudlian I’m been proud to have developed such a quality freehold asset, from scratch over the last 4 years, in my home city and I have no doubt the store will be an excellent addition to the Armadillo portfolio.”
Ollie Saunders, of JLL who advised the vendor, said “We are seeing an increasing rate of consolidation in the UK self storage market, as portfolio owners see the benefit of acquiring good quality income producing stores such as Rent A Space in Liverpool. This store had the fundamentals right – a prominent site, a strong location and an entrepreneurial operator who was able to reach maturity in line with their business plan.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.