en.Wedoany.com Reported - OakNorth has provided £11.7 million in development financing to Cinch Self Storage for the construction of two dedicated facilities in Bedford and Leeds, adding over 120,000 square feet of rentable space to the operator's portfolio.

Founded by Richard Owen and Joshua Nimmo in 2018, Cinch Self Storage opened its first facility in Bicester and has since expanded to 27 locations nationwide, offering storage services to consumers and businesses across the UK.

The Bedford project will expand an existing facility, adding self-storage space and 21 offices. In Leeds, Cinch will transform a brownfield site into a dedicated facility, which the company describes as one of the most undersupplied storage markets in the UK.

Cinch Self Storage co-founders Richard Owen and Joshua Nimmo stated that both Bedford and Leeds benefit from strong local demand bases and limited institutional-grade supply, making them highly attractive market opportunities; OakNorth's support will enable them to accelerate the delivery of these projects and continue providing flexible, secure storage solutions for households and businesses.

Market data indicates that between 2025 and 2030, the UK self-storage industry is expected to grow at a compound annual growth rate of 2.4%, supported by factors including shrinking average residential space, the continued prevalence of hybrid working, and the expansion of e-commerce enterprises. With UK mortgage affordability at its tightest level since 2008 and household funds supporting first-time buyers reaching £11 billion, these factors further drive demand for additional storage space.

Damien Hughes, Senior Director of Real Estate Finance at OakNorth, said that Richard and Joshua have built an impressive business and established a strong track record in the self-storage sector; OakNorth has previously supported the team and witnessed firsthand their ability to identify attractive opportunities, successfully execute developments, and create high-quality assets. Hughes added that both Bedford and Leeds are markets with favorable supply-demand dynamics.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com