Yorkshire Counties
Kangaroo Self Storage moves to bring self storage to customers with new retail park location in grimsby
The store will deliver a net floor space of 80,000 sqft, trading over three levels. When fully fitted, the Grimsby store will be one of the storage company’s largest stores.
The new storage facility will provide a wide range of storage unit sizes combined with services to support commercial customers, householders and students.
Gareth Dougherty, Acquisitions Manager at Kangaroo Self Storage said; “M Park Alexandra is the perfect location for trialing our new retail park presence. It’s a very visi- ble and convenient site with easy access and ample parking.
Kangaroo Self Storage builds its presence in the North East of England with the announce- ment of a new site in Grimsby. The self-stor- age company has purchased a large former retail warehouse on M Park Alexandra, the most central retail park in Grimsby.
The site was previously occupied by home improvement retailer, Wickes. The large for- mat building occupies a prime site on the Retail Park and already has B8 consent, ena- bling the site to operate as self-storage with immediate effect.
“As the need for storage becomes more life- style-driven, a site like this supports our ambi- tion to bring storage directly to our customer base. We are delighted that M Park Alexandra landlords have been flexible and forward thinking – considering the current and future uses of sites like this.”
Chris Stevens, CEO at Kangaroo Self Storage said, “Strategically, we see this as a significant transaction in the future repurposing of retail into other use classes. We expect to do more
transactions like this as Kangaroo continues to expand its presence in the UK.”
The transaction was led by George Kearney at LCP, part of M Core, the owners of M Park Alexandra. Their advisers were Henry Phipps of Edgeley Simpson Howe and Osborne Clarke.
George Kearney, Senior Asset Manager at LCP said; “We are thrilled to support Kangaroo Self Storage in developing their retail park pres- ence at M Park Alexandra.
With its prime location and excellent infra- structure, this site is perfectly positioned to serve the Grimsby community’s growing need for flexible and accessible storage solutions.”
On the buy side the advisers to Kangaroo Self Storage were MBM Commercial, Temple Bright and JLL.
Kangaroo Self Storage has ten operational facilities across the North West of England and Scotland. The self-storage company also acquired a site in Sunderland earlier this year. It is the company’s first site in the North East and is currently under development.
Hull and East Riding commercial property overview Ben Medhurst
2025 has started brightly for the commercial property market in the Hull and East Riding area. Reports Ben Medhurst BSc MRICS Managing Director, PPH Commercial, Hull.
With the market is showing encouraging signs; the outlook for the forthcoming year is positive.
PPH Commercial are involved in a number of large development projects including the potential development of 200 acres of indus- trial land in Goole by Metza Tissues, which is currently in for planning permission. If successful, 400 direct jobs will be created on the site which will extend to over 3 million sq ft. PPH have also been instructed to pro- mote the Humber International Enterprise Park (HIEP) on behalf of Associated British Ports. The site comprises over 400 acres of prime industrial space located adjacent to Hull Docks, 200 acres of which fall within the Humber Freeport Tax Zone.
Development sites along the A63/M62 cor- ridor continue to attract attention, with
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Horncastle Developments successfully constructing over 400,000 sq ft for Yara Fertiliser at the Ozone site at Howden and a further 120,000 sq ft of speculative devel- opment about to be implemented at the same site.
Siemens investment in the region cannot be understated with the new rail production facility in Goole now operational and the wind turbine factory at the Siemens Renewable Energy facility at Alexander Dock having just been extended, both having a hugely positive impact on the local economy.
Demand for small to medium sized industrial units within the region remains good with limited supply, take-up of units larger than 50,000 sq ft remains limited.
The office market has seen significant activity in the last 6 months, with a large take-up of prime office space, particularly on the West Hull office parks. The drive by businesses to get employees back into the office has fuelled demand for quality office space to a point where there is very limited availability now and in the market. Inferior secondary space remains very difficult to let and freehold opportunities are exceptionally rare.
The investment market has seen significant disruption in the last 12 months with uncer- tainty around interest rate movements and general lack of sentiment in the market. The recent cut to base rates by the Bank of England will assist this situation but with the general economic outlook for the balance of the year uncertain, it remains to be seen what significant effect this will have on take-up in the local investment market. Yields on com- parable investments are at least 2% higher than where they were at the height of the market back in the spring of 2022. Well priced investments will move, but both buyers and sellers are being very discerning on values at the moment.
The prospect for the commercial market within the wider Hull and East Riding area remains fundamentally sound, with a rela- tive lack of speculative industrial and office space coming to the market, but with rela- tively strong demand. This region is very good at fending for itself and this is what will be required for the balance of the year.
COMMERCIAL PROPERTY MONTHLY 2025
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