Gavin Lucas, CEO of the only personal-storage group listed on the JSE, Stor-Age, says his team has clinched a strategically important acquisition it had its eye on for seven years.
Stor-Age has bought All-Store Self Storage, the main storage provider in Cape Town’s northern suburbs of Belville, Kuils River and Brackenfell.
The R52m acquisition forms part of Stor-Age’s strategy to own self-storage properties in prime, high-visibility locations in key suburbs in target cities across SA and the UK.
The 2ha Cape Town property offers 5,500m² of lettable area, as well as further developable land. Stor-Age now has a combined portfolio that includes 68 properties across SA and the UK, covering a gross lettable area of 392,500m².
Opening its doors in 2006, All-Store’s property was nearly of the same quality as Stor-Age’s other assets and it benefited from prime exposure to passing traffic, said Lucas.
"We first met the seller seven years ago and expressed an interest in buying them out. We’ve positioned ourselves as a viable exit option for private developers of storage assets. We understand how to price the assets across the market."
The property was well positioned and complemented Stor-Age’s offering in Cape Town’s northern suburbs. "With a prominent location on a busy intersection, it benefits from excellent drive-by visibility. It’s an excellent opportunity for us to further establish ourselves in the greater Bellville area."
Stor-Age also recently began development on a new property in Randburg and is about to open the doors on a new property in Bryanston.