OakNorth has provided £11.7m in self-storage development finance to Cinch Self Storage, funding two new purpose-built facilities in Bedford and Leeds that will add more than 120,000 sq ft of lettable space to the operator's growing 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 flexible, secure, and technology-enabled storage for both consumers and businesses, and has built a reputation for targeting strategically selected locations across the UK.
The Bedford scheme will expand an existing facility through a substantial extension, adding self-storage space alongside 21 offices. In Leeds, Cinch will transform a prominent brownfield site into a purpose-built facility serving what the company describes as one of the UK's most undersupplied storage markets.
"We're delighted to be working with OakNorth once again as we continue to expand our platform and deliver high-quality self-storage facilities in strategically important locations across the UK," said Richard Owen and Joshua Nimmo, co-founders of Cinch Self Storage.
"Both Bedford and Leeds represent compelling opportunities, benefiting from strong local demand fundamentals and limited institutional-grade supply. 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. We remain confident in the long-term outlook for the self-storage sector and are excited to bring these new facilities to market."
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.
Damien Hughes, senior director of property finance at OakNorth, said the lender had seen the Cinch team's capabilities at close range. "Richard and Joshua have built an impressive business and established a strong track record in the self-storage sector," he said.
"Having supported the team previously, we've seen firsthand their ability to identify attractive opportunities, execute developments successfully, and create high-quality assets. Self-storage continues to benefit from strong structural demand drivers, while Bedford and Leeds are both attractive markets with favourable supply-demand dynamics. We're pleased to support Cinch Self Storage's continued growth and look forward to seeing these developments completed."
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