OakNorth has provided £11.7m in development finance to Cinch Self Storage to fund two purpose-built facilities in Bedford and Leeds, adding more than 120,000 sq ft of lettable space to the operator’s portfolio.
Founded in 2018 by Richard Owen and Joshua Nimmo, Cinch Self Storage opened its first facility in Bicester and has since expanded to 27 locations nationwide. The business provides storage for both consumers and businesses across the UK.
Development details
The Bedford scheme will expand an existing facility through an extension, adding self-storage space alongside 21 offices. In Leeds, Cinch will transform a brownfield site into a purpose-built facility. The company described Leeds as one of the UK’s most undersupplied storage markets.
“Both Bedford and Leeds represent compelling opportunities, benefiting from strong local demand fundamentals and limited institutional-grade supply,” said Richard Owen and Joshua Nimmo, co-founders of Cinch Self Storage. “The support from OakNorth will enable us to accelerate the delivery of these projects and continue providing flexible, secure storage solutions for households and businesses.”
Market outlook
The UK self-storage sector is forecast to grow at a compound annual growth rate of 2.4% between 2025 and 2030, supported by smaller average home sizes, the continued spread of hybrid working, and expansion among e-commerce businesses.
The development comes as UK mortgage affordability reaches its tightest level since 2008, with family support accounting for £11bn in first-time buyer funding, factors which contribute to demand for additional storage space.
Damien Hughes, senior director of property finance at OakNorth, said: “Richard and Joshua have built an impressive business and established a strong track record in the self-storage sector. Having supported the team previously, we’ve seen firsthand their ability to identify attractive opportunities, execute developments successfully, and create high-quality assets.”
Hughes added that Bedford and Leeds are both markets with favourable supply-demand dynamics.