®
BOXROOM
A four-site UK development portfolio — £85m total project cost, £123m GDV, delivered and operated by Yeats and Boxroom.
®Deal structure is deliberately open — equity split, preferred return and promote to be shaped with the chosen capital partner. Returns are quoted pre-promote and self-operated via Boxroom.
UK has 0.94 sq ft per capita vs 9.44 in the US — just 10% of US penetration. Even modest convergence implies decades of growth runway.
Diversified revenue from hundreds of small customers; counter-cyclical drivers (downsizing, divorce, e-commerce). Average stay 17–26 months.
Low staffing (2–3 FTE/store), minimal fit-out, no lease incentives. OpEx 25–35% of revenue at scale — NOI margins of 65–75%.
Big Yellow reports 15.3% yield on cost across its pipeline. Purpose-built assets command 5.0–6.0% cap rates from institutional buyers.
Revenue management enables 5–10% annual rate increases on existing customers. SSA UK reports average net rents of £27.40/sq ft (2026).
All four sites sit in strong catchments with proven demand, barriers to entry and realistic planning positions — ready to progress immediately.
Yeats has extensive UK and European delivery experience, with a team who have built 20+ self-storage facilities.
One platform, end to end — a structurally undersupplied market, resilient operating economics and four actionable sites, with delivery and operation handled by Yeats and Boxroom under one roof.
WD6, Hertfordshire
Cribbs Causeway
Bollo Lane, W4
Ramsgate, Kent
283,039 sq ft NLA across new-build, high-rise and conversion formats — £85.1m total project cost against £123.1m GDV.
New-build store in a proven Hertfordshire catchment with strong barriers to entry.
| Development costs | |
|---|---|
| Land purchase | £6,000,000 |
| SDLT & acquisition fee | £528,000 |
| Shell & core (92k × £85) | £7,820,000 |
| Fit-out (92k × £25) | £2,300,000 |
| M&E / security | £1,250,000 |
| Prof fees / contingency | £1,990,000 |
| Dev mgmt fee (5%) | £699,000 |
| Other costs | £615,000 |
| Finance | £1,031,000 |
| Total project cost | £22.2m |
| TPC per sq ft (NLA / GIA) | £322 / £241 |
Edge-of-city retail destination catchment with sustained residential growth.
| Development costs | |
|---|---|
| Land purchase | £4,000,000 |
| SDLT & acquisition fee | £352,000 |
| Shell & core (87.4k × £80) | £6,992,000 |
| Fit-out (87.4k × £25) | £2,185,000 |
| M&E / security | £1,150,000 |
| Prof fees / contingency | £1,807,000 |
| Dev mgmt fee (5%) | £633,000 |
| Other costs | £525,000 |
| Finance | £858,000 |
| Total project cost | £18.5m |
| TPC per sq ft (NLA / GIA) | £303 / £211 |
Dense West London catchment commanding the portfolio’s highest rents and tightest exit yield.
| Development costs | |
|---|---|
| Land purchase | £3,500,000 |
| SDLT & acquisition fee | £305,000 |
| Shell & core (128.8k × £115) | £14,812,000 |
| Fit-out (128.8k × £30) | £3,864,000 |
| M&E / lifts / fire | £1,800,000 |
| Prof fees / contingency | £3,583,000 |
| Dev mgmt fee (5%) | £1,249,000 |
| Other costs | £925,000 |
| Finance | £1,950,000 |
| Total project cost | £32.0m |
| TPC per sq ft (NLA / GIA) | £373 / £248 |
Low-cost conversion with the portfolio’s highest yield on cost and fastest route to opening.
| Development costs | |
|---|---|
| Land purchase | £3,000,000 |
| SDLT / agent / acq fee | £305,000 |
| Strip-out & conversion | £2,014,000 |
| Mezzanine build (30k sq ft) | £1,890,000 |
| M&E / drive-thru build | £2,025,000 |
| Prof fees / contingency | £1,038,000 |
| Dev mgmt fee (5%) | £411,000 |
| Other costs | £1,250,000 |
| Finance | £580,000 |
| Total project cost | £12.5m |
| TPC per sq ft (NLA / GIA) | £186 / £130 |
| Borehamwood | Bristol | Chiswick | Westwood X | Portfolio | |
|---|---|---|---|---|---|
| Type | New Build | New Build | New Build | Conversion | — |
| Land price | £6.0m | £4.0m | £3.5m | £3.0m | £16.5m |
| GIA / NLA (sq ft) | 92k / 69k | 87k / 61k | 129k / 86k | 96k / 67k | 404k / 283k |
| Total project cost | £22.2m | £18.5m | £32.0m | £12.5m | £85.1m |
| TPC per sq ft (NLA) | £322 | £303 | £373 | £186 | £301 |
| Target rent | £38 | £35 | £42 | £22 | £24 blended |
| Net operating income | £1.81m | £1.40m | £2.43m | £1.11m | £6.74m |
| Yield on cost | 8.1% | 7.6% | 7.6% | 8.9% | 7.9% |
| Exit cap rate | 5.5% | 5.75% | 5.0% | 6.5% | 5.5% |
| GDV | £32.8m | £24.3m | £48.5m | £17.4m | £123.1m |
| Development profit | £10.6m | £5.8m | £16.6m | £4.9m | £37.9m |
| Profit on cost | 47.6% | 31.5% | 51.9% | 39.3% | 44.4% |
| Levered IRR | 16.9% | 13.2% | 16.3% | 16.3% | 15.8% |
| Equity multiple | 2.58x | 2.10x | 2.58x | 2.48x | 2.47x |
| Total equity | £8.9m | £7.4m | £12.8m | £5.0m | £34.0m |
Split, preferred return and promote to be agreed with the capital partner.
Aligned interest — Yeats capital at risk alongside the investor. Portfolio returns: 15.8% levered IRR, 2.47x equity multiple (pre-tax, pre-promote).
Deal structure is deliberately open at this stage — the equity split, preferred return and promote will be shaped with the chosen capital partner.
| Borehamwood | Bristol | Chiswick | Westwood X | Portfolio | |
|---|---|---|---|---|---|
| Gross revenue | £2.41m | £1.89m | £3.19m | £1.46m | £8.95m |
| OpEx (% of gross) | 25% | 26% | 24% | 27% | 25.2% |
| OpEx (£) | £602k | £492k | £766k | £394k | £2.25m |
| NOI | £1.81m | £1.40m | £2.43m | £1.07m | £6.70m |
| NOI margin | 75.0% | 74.0% | 76.0% | 73.0% | 74.8% |
| Borehamwood | Bristol | Chiswick | Westwood X | Portfolio | |
|---|---|---|---|---|---|
| Management fee (8%) | £193k | £151k | £255k | £117k | £716k |
| All-in costs (OpEx + fee) | £794k | £643k | £1.02m | £511k | £2.97m |
| All-in cost ratio | 33.0% | 34.0% | 32.0% | 35.0% | 33.2% |
| NOI after fee | £1.61m | £1.25m | £2.17m | £0.95m | £5.98m |
| NOI margin after fee | 67.0% | 66.0% | 68.0% | 65.0% | 66.8% |
Base case self-operates via Boxroom at 25% blended OpEx (74.8% NOI margin) — consistent with Big Yellow and Safestore. A third-party operator at 8% would reduce margin to 66.8%.
| -100bps | -50bps | Base case | +50bps | +100bps | |
|---|---|---|---|---|---|
| Borehamwood (5.5%) | 22.0% | 19.3% | 16.9% | 14.6% | 12.5% |
| Equity multiple | 3.39x | 2.94x | 2.58x | 2.28x | 2.03x |
| Bristol (5.75%) | 18.3% | 15.7% | 13.2% | 10.8% | 8.6% |
| Equity multiple | 2.77x | 2.40x | 2.10x | 1.85x | 1.63x |
| Chiswick (5.0%) | 21.9% | 19.0% | 16.3% | 13.8% | 11.5% |
| Equity multiple | 3.48x | 2.97x | 2.57x | 2.24x | 1.97x |
| Westwood Cross (6.5%) | 20.0% | 17.8% | 15.7% | 13.8% | 11.8% |
| Equity multiple | 3.01x | 2.68x | 2.39x | 2.15x | 1.94x |
| PORTFOLIO IRR | 20.9% | 18.2% | 15.7% | 13.4% | 11.2% |
| Portfolio equity multiple | 3.25x | 2.81x | 2.46x | 2.16x | 1.91x |
50bps of compression lifts portfolio IRR from 15.7% to 18.2%; a 50bps widening reduces it to 13.4%. Even at +100bps every site stays profitable at an 11.2% portfolio IRR.
| -100bps | -50bps | Base case | +50bps | +100bps | |
|---|---|---|---|---|---|
| Borehamwood (5.5%) | £40.1m | £36.1m | £32.8m | £30.1m | £27.8m |
| Profit on cost | 80.9% | 62.8% | 48.0% | 35.7% | 25.3% |
| Bristol (5.75%) | £29.5m | £26.7m | £24.3m | £22.4m | £20.7m |
| Profit on cost | 59.5% | 44.4% | 31.8% | 21.3% | 12.3% |
| Chiswick (5.0%) | £60.7m | £53.9m | £48.5m | £44.1m | £40.4m |
| Profit on cost | 89.8% | 68.8% | 51.9% | 38.1% | 26.6% |
| Westwood Cross (6.5%) | £20.1m | £18.4m | £17.0m | £15.8m | £14.7m |
| Profit on cost | 61.1% | 47.6% | 36.3% | 26.5% | 18.1% |
| PORTFOLIO GDV | £150.3m | £135.1m | £122.7m | £112.4m | £103.7m |
| GDV movement vs base | +£27.6m | +£12.4m | — | -£10.3m | -£19.0m |
50bps of compression adds £12.4m (+10.0%) to portfolio GDV; a 50bps widening removes £10.3m (-8.4%). Chiswick is the most cap-rate-sensitive site given its 5.0% base.
| Risk | Mitigation | Rating |
|---|---|---|
| Ramp-up slower than forecast | 4-year stabilisation budget; 12-month OpEx reserve. | MED |
| New competing supply | Monitor planning applications; high barriers at Chiswick and Borehamwood. | MED |
| Construction cost overruns | 7.5% contingency; fixed-price contracts; conversion at Westwood X lowers risk. | MED |
| Interest rate risk | Hedge development finance; Bank Rate 3.75%; fix construction loan. | LOW |
| Business rates revaluation | Budgeted at 6% of revenue; monitor and appeal. | LOW |
| Cost item | Commentary | Applies |
|---|---|---|
| S106 / CIL | £100k–£500k+. Check LPA charging schedules. | All sites |
| Site remediation | Phase 1 & 2 reports. Nil to £500k+. | All sites |
| Utility connections | HV electrical, gas, water. £50k–£200k per site. | All sites |
| Party wall awards | Where building abuts boundaries. | Chiswick |
| BNG / EPC / insurance | 10% BNG, Part L, CAR + latent defects. | All sites |
| Operator fit-out | Reception, signage. £50k–£100k per site. | All sites |
A UK development and investment business with deep site acquisition, planning and construction delivery expertise, and a team who have built 20+ self-storage facilities for clients including Big Yellow. Yeats co-invests alongside the capital partner and project-manages delivery.
Yeats’ tech-led, low-staffing self-storage operating platform runs the completed stores — underpinning the self-operated base case in this deck.
UK market overview · Occupancy ramp-up · Portfolio cashflow
Walked away December 2025 — Budget business-rates rise cited.
CapitaLand agreed March 2026. 57 stores. JPMorgan-run sale.
+1.1m sq ft (11.8% of portfolio). Eight openings FY26, five UK.
£81m deployed across the four sites; equity first, then 60% LTC senior debt.
Portfolio NOI builds from £2.6m to £7.1m as stores stabilise.
Three sites exit in Y7 (£43m net); Chiswick follows in Y8 (£30.4m net).
A consumer storage brand, built to institutional standard — storefront, interior, app and access, ready to open on day one.
A Yeats venture · operated by Boxroom
The pink-and-sky identity applied to an arterial-road frontage — the building markets itself, cutting acquisition cost.
Find, reserve, pay and unlock from the phone; biometric entry and 24-hour access with no manned counter.
Wordmark, palette, app UI, website and photoreal store CGIs are finished assets — every site opens fully on-brand.
Boxroom trademark filed under Class 39 (storage services), 2026 — the operating name secured before the first store trades.