Porto Business Plaza, the former bus station at Campo 24 de Agosto, is to be home to the largest self-storage facility in the north of the country. The space, which currently has 4,500 sqm, is being remodelled and will see its area expanded to a total of 6,300 sqm.
OrangeSpace is in charge of the operation and has signed a 25-year lease. In this operation, Cushman & Wakefield represented the Capitólio Group, owner of Porto Business Plaza.
OrangeSpace is one of the leading companies in the sector, with units in cities such as Gaia and Lisbon. The new unit in Porto will be the company's second largest. The facilities will be divided into two floors and should have approximately 800 storage rooms, with areas ranging from 1 sqm to 40 sqm and prices ranging from 30 to 600 euros. In addition to the self-storage business, part of the old structure will be adapted to house the Capitólio Group's offices.
"The conversion of the old Campo 24 de Agosto bus terminal to house OrangeSpace at Porto Business Plaza is a strategic operation that has a positive impact on the area and promotes the range of services on offer in the centre of Porto. This project highlights the strong growth of the self-storage market in Portugal, driven by urban densification and the shortage of storage space. The growing maturity of this sector reinforces its role as a viable and sustainable alternative in urban space management. We are grateful to be taking part in this project," emphasises João Paulo Silva, a consultant in the Industrial, Logistics & Land department of C&W.