Shares digital

Planning permission has been granted to Lok’nStore (LOK:AIM) for residential development on the freehold site of its existing Reading store, sending shares in the self-storage company up 2% to 201.5p. The application had originally been rejected by the local planning committee, but the appeal has now been upheld and permission has been granted for 112 flats, providing a significant uplift in value. Planning permission for a new larger store on its site opposite the existing store has already been obtained, and once the new store is complete, the existing self-storage business will be moved across.

The group plans to ultimately sell the existing store site and use the proceeds to acquire new sites for further expansions. The news follows hot on the heels of last week’s acquisition of two sites in Maidenhead and Northampton, taking the group’s total number of stores to 23.

Shares says: Continues to expand well, despite competition. RR