Self-storage operator Space Station has opened its 19th UK site in Stafford at the historical site of the former Bull Hill Electricity Works.
Space Station self storage
The new store will span more than 55,000 sq ft and adds to a portfolio of sites across London, Birmingham, Berkshire, Shropshire and Northamptonshire.
The former Bull Hill Electricity Works has been a landmark building since its construction in 1895. The electrical industry has been a significant part of Stafford’s history, with many companies and changes being made to the former testing facility.
Siemens Bros started the business in 1903, which was then taken over by English Electric in 1919. Then 49 years later, in 1968, English Electric merged with GEC, which then merged with a French brand in 1989, which was later rebranded as Alsthom in 1998.
A company called General Electric purchased the business in 2015 for $17bn (circa £13bn) and over the past couple of years, the building has remained empty.
Kevin Prince, chief executive at Space Station, said: “We are excited to be opening the new Stafford store as the next phase in our expansion plan. There’s been a significant need for self-storage facilities in the UK over the years, especially in the West Midlands area. We hope that the local community and businesses in the surrounding areas love how we’ve modernised this historic building.”
Mark White, Partner in the Real Estate team of international law firm Charles Russell Speechlys, told Property Week that rising demand demand for self-storage was being driven by urban density and smaller living spaces, particularly in the rented living markets.
“That naturally leads to space constraints and flexible self-storage is a great way to manage that, in addition to the more traditional usage requirements when moving, downsizing or renovating,” he said. “There’s also a real need for extra space from smaller businesses and many forward thinking operators are trying to build in flexible work offings to their new developments.
“What we’re also seeing is that self-storage as an asset class has remained very resilient in a challenging market – the demand can be counter-cyclical, which means it can look like much more of a sure bet in tougher times, and investors are also able to operate quite local strategies due to the nature of demand which allow them to capitalise on specific city or regional growth. Essentially the model can work very well in very different local markets, there is no one ‘must have’ location as you might see in other sectors. Finally, with technological advances it is becoming easier and easier to build “labour light” models which use technology to ensure smooth service delivery and drive down running costs.”
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