How to Buy Storage Units That Have Been Abandoned

What are Storage Auctions?

A storage auction is a public sale where storage facilities auction off the contents of a unit. Bidders buy the entire unit’s contents without a detailed inspection, hoping to find valuable items.

Storage auctions in the United Kingdom occur when a renter fails to pay for their storage unit, usually after 30-90 days of non-payment. The facility then auctions off the unit’s contents to recover the debt. Unlike TV shows, bidders often can’t see what’s inside the unit or only get a quick look from the outside.

The contents can range from valuable items to worthless junk, so it’s always a gamble. Auctions can be held either online or in person, and while some see it as a hobby, others treat it as a serious business.

Different Types of Storage Auctions in the UK

There are two main types of storage auctions which take place in the UK, online auctions and in person auctions. In person auctions are far less common in the UK compared to the United States, where ‘Storage Hunters’ TV series have been created.

Some in person auctions do happen in the UK and it is best advised to contact your local self storage facility to see if this is something they offer.

The most common form of storage auctions in the UK are online, these are conducted by storage providers using online platforms such as Ebay, eKonnect and IBidOnStorage where the contents of the storage unit are available to bid on. These auctions normally take place when the tenant of the storage unit has not paid their rental over a period of time and the storage facility will then have lien over the good to be sold.

Some storage companies offer charity auctions which work slightly differently. A local storage facility offers a unit as a donation space for locals to bring their donations too, the contents of the unit is then sold off. This can be done online or in person and the revenue generated is then donated to allocated charities. Charities looking for this kind of auction are best to speak to their local self storage facility.

 

Online Storage Auctions

The most common storage auction in the UK is online, and there are many different platforms that offer abandoned units for sale as a whole. Platforms mainly work in a similar way; firstly, you register online to enable you to make bids, you can then look through the units that are on offer in your area and view some images and descriptions of the items for sale.

The most common platforms for storage auctions are iBidOnStorage.co.uk, eKonnect and Ebay. There is of course the downside to the online auction of not being able to inspect the unit in person and so you can never be sure if you might find a valuable hidden treasure or something with lesser value. However, many people think the uncertainty is worth the risk.

 

In-Person Storage Auctions

In person auctions are not as common in the UK as they are in the United States but some self storage facilities do offer them.

Once you have found an auction you must resister for the auction which will normally involve providing names and identification and contact details. On the day of the auction is can be crowded so it is always best to arrive early.

Like online auctions you will generally only get a ‘sneak peek’ of the items in the storage unit. This is likely to be a viewing from the door outside of the unit, which still keeps the element of uncertainty.

In person auctions can be an exciting experience and bidders can often get carried away. It is important to listen closely to the auctioneer’s instructions. By raising your hand or bidding card will be seen as a bid.

Remember if you win the auction you are liable to pay for the items immediately and will need to clear the unit within a specified timeframe.

 

How do I Find a Storage Auction?

The best place to find auctions is online, is through social media, self storage facility websites and online selling platforms such as iBidOnStorage.co.uk, eKonnect and Ebay. It is worth asking your local storage facilities if they provide auctions and looking out for local advertisements in newspapers.

If you are very keen on pursuing and purchasing abandoned storage units, it could benefit to build a repour with a local storage facility to get a head start and the inside knowledge of the availability of units and the typical items stored at that site. You never know they might give you a chance to look at the unit before they add it to an online listing!

 

 

How Storage Auctions Operate

Storage units will typically come to auction when a customer defaults on paying their rental, while every effort would be made to come to an agreement with the customer if this is not possible the storage unit can then be auctioned after the storage facility has followed the correct procedures. The customer will require proper notification, and the storage facility will need to have taken reasonable steps to contact the tenant before auctioning the unit.

All personal documents or legally protected items found in the unit must be returned to the tenant or destroyed in accordance with data protection laws.

The storage company’s right to auction goods must be clearly stated in the original rental agreement signed by the tenant.

Assuming the storage facility has gone through the correct legal processes, it will then have the right to sell the goods within the unit to try to recover some of the debts owed.

The contents of the unit can then be listed for sale, either by picturing and confirming each item in the unit or with just photos and a general description of the unit. The potential buyers can then bid on the storage unit to win the auction.

 

How Long Can You Go without Paying for Storage?

In the UK, storage facilities generally allow up to 30 days without payment before taking further action. The timeline for defaulting and potentially facing an auction typically spans between 30 and 90 days, though this period may vary based on the storage agreement terms and local lien laws.

 

Preparation for First-Time Bidders

As a first-time bidder, it could be easy to get carried away with the excitement of maybe finding a hidden gem, but you need to be careful and make sure you stick to the rules. It would be best to set a budget prior to bidding and stick to it.

It is important to know what you are getting into, what are the rules of the auction? Make sure you know how to pay if you win, especially when payment is immediate and also the terms of collection as you will often need to be able to collect all the items for the unit within a set time frame.

It might be a good learning experience to observe a few auctions before making your first bid so you are familiar with how everything works and the full process.

 

 

What to Expect at Your First Auction

If attending an auction in person, you will need to check all the requirements with the storage facility holding the auction, as it is likely you will need to register to be able to place a bid on the day, just as you would at an auction at an any auction house. Registration will typically require contact details and proof of identification.

For online auctions again you will need to register with the company you wish to make the bids with, the sites will explain how the registration process works and takes your details allowing you to bid on their site. Each auction or site might be slightly different so you need to check the collection terms and conditions and be fully prepared with what to do next when you win your auction!

 

Creating a Bidding Strategy

Its always important to have a strategy and stick to it. Set your budget, know what you want and don’t let your emotions get the better of you and get too excited and blow your budget, as at the end of the day you want to make a profit from your bid unless it is for personal use.

Always try to look out for tidy storage units, that are well photographed, these can often be the best.

Research is key. By knowing the typical value of common items, it will allow you to make informed decisions when bidding.

For in person auctions, it is often a good idea to bring a torch with you to better view the items in the unit. It is also good to gather insights from other bidders and find out what their experiences have been and gather tips on best items to buy.

 

Important Considerations for Bidders

There are always risks involved with these auctions, mainly as you do not know exactly what you are buying. The items maybe broken or faulty or simply not have any value to them. Always check the fees involved as well, there maybe a buyer’s premium tax and cleanout fees/ cleaning deposits. There have been cases where incredibly rare items are found in storage units, but these are very rare exceptions rather than the rule.

 

Types of Auctions and Their Differences

Exploring the types of storage auctions reveals the different approaches and atmospheres buyers might encounter: traditional in-person auctions, silent auctions, and live-streamed auctions. Each of these formats has its unique advantages and drawbacks, making some more appealing to casual buyers and others to dedicated professionals.

 

Traditional Auctions

Traditional Auctions involve in-person bidding, where buyers gather to view storage unit contents and bid openly. This format brings an element of excitement and competition, with bidders feeding off the energy of others. For professionals, traditional auctions can be advantageous because they often involve a quicker pace and allow for in-person item assessment. However, these can be intimidating for casual buyers due to the high-stakes, rapid environment and sometimes steep competition​.

 

Silent Auctions

Silent Auctions take a different approach, where bidders submit written offers on units without openly competing. This format is slower-paced and better for casual buyers who want to avoid the fast pace of live bidding. Silent auctions can lack the transparency of live formats since bidders don’t see each other’s offers, which can make it challenging for newcomers to gauge fair pricing.

 

Live-Streamed Auctions

Live-Streamed Auctions bring traditional auction energy online, where participants bid remotely in real time. This type of auction has gained popularity due to its convenience and ability to attract buyers from various locations. While suitable for both casual buyers and professionals, live-streamed auctions may be challenging for those unfamiliar with online platforms or for buyers who prefer to view items in person. However, the format can also be a great equaliser for first-time buyers, offering a less intimidating atmosphere compared to in-person events​

In summary, traditional auctions suit seasoned resellers looking for in-person inspection, silent auctions are ideal for casual buyers, and live-streamed auctions strike a balance, appealing to both new and experienced participants. Each format brings its own blend of convenience, competition, and accessibility, catering to diverse buying goals.

 

 

Bidding and Negotiation Strategies

For seasoned buyers looking to gain an edge in storage auctions, advanced strategies can make a big difference. One effective tactic is waiting until the last moment to place a bid, which can help avoid driving up the price too early and catching other bidders off guard. Bidding on multiple units is another useful approach, as it increases the chances of winning and finding valuable items while potentially discouraging other bidders. Additionally, don’t overlook the power of negotiation—after an auction, you can sometimes negotiate with the storage facility owner or even the winning bidder to strike a deal for individual items or the entire unit. These strategies can help you secure better deals and maximise your profits.

 

Techniques for Successful Bidding

Work out your bidding techniques, you can help this by watching auctions online and keeping an eye on how things progress and establish how you want to play your auction. Refine your bidding strategy and why not try these techniques.

Start Low

Open with a modest bid to test the waters without showing too much interest.

Watch for Overbidding

Let eager bidders raise the price first, then step in when the action slows.

Group Bids

If possible, bid on grouped items to maximise value.

Read the Crowd

In person, notice body language—leaning in or fast hand raises show eagerness.

Spot Clues Online

Look for detailed listings and high-quality images, which signal items worth higher bids.

 

 

Flipping Storage Unit Finds for Profit

Once you are successful in your auction what do you do next? Well hopefully there will be some good finds in your unit and you will be able to make a profit. Assess what you have bought and work out the best re sale options for your items. If you have some more specialist items you may want to research these and sell them to an expert in that field. You may even want to keep hold of these to make sure you sell at the right time to maximise your profits, and some items might be seasonal, like garden furniture.

For your more every day items find the best options for you, weather that’s selling online with eBay or social media or going to a car boot sale.

 

Identifying Valuable Items

You need to be able to spot the good from the bad, the real from the fake! People always want to buy what’s on trend and what is popular so make sure you know what’s in right now.

You can research current trends and demand this online or ask for help from an antiques expert if you have bought items, you are unsure of make sure you find out what you have got before you sell it on. Popular items are always collectable, jewellery, electronics and branded items. Make sure you check everything is in working order and there is no damage as you must make sure you keep a good reputation as a seller too if you want to continue making a profit.

 

Most Valuable Storage Unit Finds

Vehicles

Storage units have yielded some astonishing treasures over the years, with finds ranging from famous cars to high-value collectibles. Notably, a James Bond car—the 1976 Lotus Esprit, also known as the “Wet Nellie” from The Spy Who Loved Me—was discovered in an abandoned unit and later purchased by Elon Musk for nearly $1 million​. Similarly, the legendary Aston Martin Bulldog was found after years of storage and eventually restored, adding to its legacy as one of Aston Martin’s rarest models.

Historical Artefacts

Aside from iconic vehicles, storage units have also revealed historical artefacts and large stashes of vintage comic books, including rare editions that have fetched millions in the collector’s market. One famous unit even contained pirate treasure, speculated to be hundreds of years old, which created an auction sensation​.  Occasionally, high-profile discoveries involve celebrity memorabilia, like personal items belonging to Elvis Presley and documents connected to Marilyn Monroe, both highly sought after by fans and collectors worldwide​.

Perhaps most surprisingly, some units contain literal jackpots—cash, as seen when a unit yielded over $7 million in cash, hidden away in storage boxes. These finds highlight the potential value of abandoned units, attracting both seasoned bidders and new enthusiasts alike for the chance to uncover the next big treasure​.

 

 

Risks of Storage Auctions

As with everything there are risks involved, hopefully you will find that 1 million James Bond Car but if not, be aware there may be losses to come, the items might not be worth anything and can cost you more to get rid of than they will make you. Make sure you are aware of any other costs or fees and don’t be too impulsive when bidding.

 

Hidden Costs and Fees

Make sure you know all the costs involved, the fees charged by the auction any fees associated with a clean out deposit and also what you are going to do with the items when you win. You will need to transport it and store it somewhere so make sure you have evaluated this cost too so you are fully prepared for what is to come. Hiring vans and paying for additional storage can prove costly.

 

So can you buy abandoned storage units in the UK, and are they any good?

Buying storage units at auction can be profitable but you need to work to a pre-defined strategy and be clear on your end goals. Why are you wanting to participate in auctions? Is it purely to generate profit or the excitement of bidding, whether that be online or in person.

There is always the possibility that when you buy a storage unit the items could be worthless, and you might even have to pay to dispose of them. Be prepared to make a loss on some storage units and understand the risks involved.

To be successful you will need to have conducted significant research and have an idea of prices and demand for common items sold at auctions. You will have to be patient and not impulsive and realistic expectations.

For those looking to venture into purchasing abandoned storage units, our advice would be to start small and gain experience and knowledge before bidding on higher value units.

Good luck!

 

If you think self-storage could make life easier during a renovation, move, or other transitions, don’t hesitate to get in touch at 07725 027623 or book online. We offer secure self-storage facilities conveniently located in Melton Mowbray, Newark, Stamford, Peterborough, and Corby.