Cushman & Wakefield has appointed Philip Macauley as a Partner within its UK Valuation & Advisory team, based in London, with a focus on self-storage facilities.
Macauley joins Cushman & Wakefield from Colliers International where he oversaw the valuation of licensed and leisure property assets, including those relating to trading businesses such as public houses, cinemas, wedding venues, gymnasiums and student housing.
Macauley has close to 20 years’ experience in the valuation of commercial property assets having begun his career at Montagu Evans in 2001. In 2007 he joined Duff & Phelps as European Head of Tangible Asset valuation where he valued pan-European commercial properties. Between 2011 and 2014, Macauley led KPMG’s UK property valuation team. He later joined Deloitte where, for close to three years, he valued mixed portfolios, including self-storage assets.
Martin Robb, Head of Alternatives and Specialist Markets, Valuation & Advisory, at Cushman & Wakefield said: “We are delighted to welcome Philip to the team. His extensive experience includes several self storage valuation and advisory pieces with key operators including the likes of Big Yellow, Safestore, Access and Lok’nStore. His varied career in the valuation sector means that he brings a wide range of specialist market knowledge to our Valuation & Advisory business at a time when our clients are looking for the best advice for their ever-diversifying portfolios.”
In May, the annual self storage industry report produced by Cushman & Wakefield and the Self Storage Association showed 46% of all European self storage space is situated in the UK. The report estimates that at the end of 2018 there were approximately 1,582 self storage sites in the UK, offering around 45.6 million square feet of space with an average store size of 28,800 sq ft. The annual sector turnover has now reached £720million.
Philip Macauley, Partner at Cushman & Wakefield said: “The self storage sector has evolved significantly in recent years and is gathering considerable interest from a variety of investors who are attracted to its sustained growth and strong underlying fundamentals. I look forward to advising this diverse client-base, which includes institutions, private equity as well as family offices, on how to best navigate this exciting sector.”
