Safestore sells Whitechapel site for more than £40m

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Safestore has sold its 3.5 acre Whitechapel site to London & Quadrant for £41.1m.

The hotly-contested sale is £14.6m over the April 2013 book value of £26.5m, as developers seek sites in Whitechapel ahead of the arrival of Crossrail.

Barratt and Redrow are also thought to have bid.

The site is currently home to a 270,000 sq ft self storage unit. Under the terms of the sale, Safestore will continue to operate its self-storage business from the site until November 2015 under a leaseback from L&Q.

L&Q plan to develop the site for primarily residential purposes.

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