CoVault, the self-storage and flexible work space company, has acquired six new properties to service a “thriving” small business sector.
The company has been undergoing a rapid expansion across Scotland and the latest tranche of purchases take the firm to 19 locations across the Central Belt.
The new properties include: a mixed-use office and light industrial property in Cockenzie, Prestonpans; two office buildings in Grangemouth; a combined office, workshop and storage space in Livingston; an office building in Livingston; and a prime mixed-use industrial property in Bellshill.
CoVault, which started with property in Paisley and also has well-established bases in Cambuslang, East Kilbride and Kilmarnock, now has a significant presence in key locations connected to motorway, railway, and airline networks.
John McGlynn, founder of Scottish Capital and investor in CoVault, said: “Our investment into the Scottish self-storage and flexible workspace continues rapidly.
"Our focus is on acquiring freehold properties that we can develop into secure, long-term income generating assets. We expect this trend of rapid expansion to continue as the demand for high-quality, well-located self-storage and flexible workspace grows.
“This latest acquisition builds on our development pipeline and provides us with another opportunity to capitalise on Scotland’s lack of flexible, high quality work space. We expect that with the flexible work space supply constraints that prevail in Scotland, the property will be an effective long-term investment.”
He added that Glasgow and Central Scotland in particular were in desperate need of more high quality and flexible workspace and that the company was continuing to look at further opportunities in those areas.
He also stressed that CoVault was well placed to deliver on its value-add strategy, buying well and delivering smart asset management initiatives. “The progress we have made to date reflects that plan,” he said.
The firm offers storage space and flexible workspace leases to small businesses, enabling start-ups and more established concerns to develop as the business grows, without being tied into restrictive leases.
The company’s current expansion reflects an increased confidence in the outlook for Scotland’s start-ups and SMEs. Anthony McAteer, managing director of CoVaults, said: “Our rapid expansion of work space locations shows that small businesses in Scotland are thriving.”
CoVault Workspace - www.covaultworkspace.com
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