Planning consent has been granted by Tunbridge Wells Borough Council for the redevelopment of a former oil depot into a 91,000 sq ft Self Storage and Workspace Hub at the gateway to the town.

The Tunbridge Wells scheme’s site was acquired by investor and developer Compound, as the first of its £200m self-storage platform. Due for completion in Q1 2025, the development is part of Compound’s portfolio which currently has a development pipeline across Kent, Surrey and Milton Keynes of 300,000 sq ft, with a further 200,000 under offer in London.

Jacob Sandelson, Compound CEO, said: “This will be the first of many self-storage led projects delivered by Compound across the South East of England as we push towards our aim of building one of the largest privately held self-storage portfolios in the UK. The platform will prioritise high quality design and ESG in a form that secures our buildings as community centric hubs. Our goal is to create a partnership with the local community – our customers – to ensure we offer tangible benefits to those who use our services and work locally.”

Compound has also announced its acquisition of a two-acre site in Milton Keynes where it plans a major mixed-use development that will see the transformation of an obsolete office building into 88,000 sq ft of high tech co working, meeting room and self-storage space – all available on flexible terms.