Site 01 · Borehamwood WD6 · Development equity
One site.
Ready to build.
A 69,000 sq ft consented self-storage development in Hertfordshire. £22.2m in, £32.8m out — and £4.45m of the equity is available.
The ask
£4.45m of a £8.9m equity ticket
Committed once, drawn twice
You commit the full amount at signing. We call it in two tranches, so your capital is never sitting idle in an unbuilt site.
Four or five subscribers
Nimol funds the matching £4.45m on identical terms. Yeats takes no cash equity and is paid only above an 8% preferred return to you.
The market
An undersupplied sector
with a proven exit bid
Runway
Sq ft of storage per head in the UK, against 9.44 in the United States. The UK sits at a tenth of US penetration — the growth runway is measured in decades, not cycles.
Institutional bid
Blackstone's approach for Big Yellow, December 2025. It did not complete — but it priced the sector, and it told every developer in Britain who the buyer is.
Proven exit
Access Self Storage, 57 stores, sold to CapitaLand in March 2026. Purpose-built UK storage trades to institutions at 5.0–6.0% cap rates.
The UK market runs to £1.3bn of annual turnover across 5,100 facilities, at £27.40 per sq ft and 79.6% occupancy in mature stores. Six operators hold 37% of it. Source: SSA UK / Cushman & Wakefield Annual Industry Report 2026.
The site
Borehamwood, WD6
1.6 acres behind the Lidl, in a Hertfordshire commuter catchment with real barriers to new supply. Consented, climate-controlled, and ready to start.
Where the profit comes from
Build at 8.1%. Sell at 5.5%.
We build it for
£22.2mTotal project cost, including land, construction, fees, contingency and finance. £1.81m of income against that cost is a 8.1% yield on cost.
The gap
260bpsThe whole deal is this spread. We create income at 8.1% and sell it to an institution that will accept 5.5%. Nothing else has to go right.
It is worth
£32.8mGross development value at a 5.5% exit cap — in line with where purpose-built UK storage has actually traded. £10.6m of profit, 47.6% on cost.
Yield on cost is income divided by what it cost to create. Cap rate is what a buyer pays for that income. When the first is higher than the second, the difference is development profit.
Capital structure
Who funds the £22.2m
You own shares in one building
Each site sits in its own company — Boxroom Borehamwood Ltd. You are a direct shareholder in that company, not a unit-holder in a fund. A £1m ticket is 11.2% of the equity.
Yeats is paid last
Yeats takes no cash equity. Instead it subscribes its at-risk pre-development spend — planning, design, the brand and the operating platform — at cost, and earns a promote only above an 8% return to you.
Your return
What £1m becomes
Capital back first, then an 8% preferred return compounded annually, then 80% of everything above to you and 20% to Yeats. Three tiers, no catch-up. The table flexes the assumption that matters most — the yield an institution pays on exit.
| Exit cap rate | Gross development value | Your £1m returns | Multiple | Annual return |
|---|---|---|---|---|
| 6.5% — 100bps worse | £27.8m | £1.94m | 1.94× | 11.5% |
| 6.0% — 50bps worse | £30.1m | £2.14m | 2.14× | 13.3% |
| 5.5% — base case | £32.8m | £2.38m | 2.38× | 15.3% |
| 5.0% — 50bps better | £36.1m | £2.67m | 2.67× | 17.5% |
| 4.5% — 100bps better | £40.1m | £3.03m | 3.03× | 19.9% |
Even a full point of yield widening — a materially worse market than today — still returns close to double the money. Figures are net of the promote, pre-tax, and assume a single exit in year seven.
If it goes wrong
Three things failing at once
Cap rate sensitivity alone is not a stress test. Here is construction 10% over, the programme six months late, and the exit yield a full point wider — all at once.
Yeats earns nothing
At 1.62× subscribers do not clear their 8% preferred return, so the promote is zero. The sponsor's upside is the first thing to go and the last to come back. That is the point of the structure.
What we would ask of you
Overruns beyond contingency are funded by equity, not debt. Subscribers get pre-emption on any further call, pro-rata — you are never diluted without first being offered the chance to follow.
The operator
The brand is built,
not planned
- The consumer brand exists. A complete identity system — wordmark, palette, storefront treatment, signage — finished and applied. UK storage is generic sheds with logos; the building is our billboard.
- The store is live online. boxroom.app runs today with instant reservation, live-priced inventory, postcode search and a size estimator, on a working inventory system.
- The name is protected. Boxroom is a registered trade mark in Class 39, storage services, secured before the first store trades.
- We run it ourselves. A third-party operator charges 8% of revenue. Self-operating is worth £193,000 a year to this building and holds the NOI margin at 75%.
The developer
Yeats builds it. And is paid last.
A UK development and investment business with site acquisition, planning and construction delivery in-house. Our delivery team has built more than twenty self-storage facilities, including for Big Yellow.
What Yeats earns — in full
| Development management 5% of construction cost, inside the £22.2m |
£699k |
| Operating the store Boxroom runs it at cost — no separate fee |
Nil |
| Promote 20% of profit above your 8% preferred return |
£1.75m |
| In the downside case on the previous page | £699k only |
We would rather you read this from us than find it in the documents.
Money in, money out
When you pay, and when you are paid
Your money is called, not parked
Nothing is drawn before it is spent. The second tranche is called against a signed building contract, so you are never funding a site that is not moving.
One exit, not a trade
The plan is to build, stabilise and sell a fully let asset to an institution. We are not relying on a buyer appearing early or on refinancing our way out.
Risks
What could go wrong, and what we have done about it
| Risk | How it is managed |
|---|---|
| Lease-up is slower than forecast | A four-year stabilisation budget rather than an optimistic ramp, plus a twelve-month operating cost reserve. The model does not need the store to fill quickly. |
| A competitor builds nearby | Planning applications monitored across the catchment. Borehamwood has genuine barriers — consented storage sites in this belt are scarce and slow to come forward. |
| Construction costs overrun | 7.5% contingency carried, and a fixed-price contract with the main contractor. The downside case on page 8 assumes both of those are exhausted. |
| Interest rates move | The construction facility is fixed at drawdown. Interest is capitalised into cost and budgeted at 6.5% all-in against a 3.75% Bank Rate. |
Outstanding due diligence, disclosed: Section 106 and CIL contributions, site remediation, utility connections and biodiversity net gain are each being confirmed and are not yet in the £22.2m.
Next
One site now.
Three more behind it.
Borehamwood is the first of four sites. Subscribers here get first refusal, on the same terms, on each that follows.
| Site | Project cost | Equity | This syndicate |
|---|---|---|---|
| Borehamwood — now | £22.2m | £8.9m | £4.45m |
| Westwood Cross — Kent conversion | £12.5m | £5.0m | £2.50m |
| Bristol — Cribbs Causeway | £18.5m | £7.4m | £3.70m |
| Across three sites | £53.2m | £21.3m | £10.65m |
To take it forward
Indicative commitment, then heads of terms, subscription documents and the site due diligence pack.
Contact
John O'Neill · john@yeats.com
Yeats Works Limited
Important information
This document is confidential and is provided for information only.
It is not an offer to sell or a solicitation of an offer to buy any security, and it does not form the basis of any contract. Any investment would be made solely on the terms of subscription documents and constitutional documents to be provided separately.
All financial figures are projections based on the July 2026 site appraisal. They are estimates, not forecasts or guarantees, and depend on assumptions — construction cost, programme, lease-up rate, rental levels, interest rates and exit yield — that may not be met.
Property development is a high-risk activity. Your capital is at risk and you may lose some or all of it. Returns are illustrative and not guaranteed. Past performance of Yeats or of the UK self-storage sector is not a guide to future results. The investment is illiquid, with no secondary market, over a hold of approximately seven years.
Recipients should take independent legal, tax and financial advice before making any decision. This document is directed only at persons to whom it may lawfully be communicated.
Yeats Works Limited, 9 Brantwood Close, Byfleet, Surrey KT14 6BN. Boxroom is a trade mark of the Yeats group. Market data: SSA UK / Cushman & Wakefield Annual Industry Report 2026.