Self-storage and flexible work space company Storage Vault has acquired its fourth site.
The existing property on Redwood Crescent was formerly the Head Office of Clyde Blowers who have moved to a larger building nearby. The site now offers CoVault work spaces for small and medium sized businesses on flexible terms.
Storage Vault intend to develop a purpose built 22,300 sq ft self-storage facility on the adjoining land.
Anthony McAteer, managing director, said: “I am pleased to announce Storage Vault’s fourth acquisition in Scotland. This deal underlines Storage Vault’s strategy of purchasing high-quality properties in very prominent locations. The development will restore the existing building into a Grade A ‘shelf-ready’ product in a strong location.”
John McGlynn, Scottish Capital founder and Storage Vault investor said: “This acquisition, like other recently completed transactions in our portfolio, embraces an investment philosophy of acquiring vacant, sometimes derelict, properties requiring total renovation and developing them into Class A work space properties that are 100% leased on month-to-month term basis.”
McGlynn continued: “We are in a unique position to respond quickly to capitalise on these opportunities. We are long-term capital investors – we’re going to be here for 25 years and that’s the way we play it.”
The existing building will undertake a six-month refurbishment program at the site, including full internal upgrade – with phase 1 of external drive-up storage units being built in 2018.