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OakNorth Lends £11.7m for Cinch Self Storage Expansion in Bedford and Leeds

OakNorth has provided £11.7 million in development finance to Cinch Self Storage to fund two new purpose-built facilities in Bedford and Leeds. The expansion will add more than 120,000 square feet of lettable space to Cinch’s portfolio.

Founded in 2018 by Richard Owen and Joshua Nimmo, Cinch Self Storage has grown to 27 locations across the UK, offering storage solutions for both consumers and businesses. The company’s first facility opened in Bicester.

Development Details

The Bedford project will expand an existing facility by adding self-storage space and 21 offices. In Leeds, Cinch will develop a brownfield site into a new purpose-built self-storage facility. According to the company, Leeds is considered one of the UK’s most undersupplied storage markets.

Market Outlook

The UK self-storage sector is forecast to grow at a compound annual growth rate of 2.4% between 2025 and 2030. Factors supporting this growth include smaller average home sizes, the spread of hybrid working, and the expansion of e-commerce businesses. The development comes at a time when UK mortgage affordability is at its tightest since 2008, and family support accounts for £11 billion in first-time buyer funding, both of which contribute to demand for additional storage space.

Damien Hughes, senior director of property finance at OakNorth, commented on the strong track record of Cinch Self Storage and noted that both Bedford and Leeds have favourable supply-demand dynamics.

For UK letting agents and inventory clerks, the expansion of self-storage facilities may offer additional options for clients seeking flexible storage solutions during moves or tenancy changes.