Stor-Age Self Storage, a property-management group based in Cape Town, South Africa, recently began development of a new self-storage facility in the Johannesburg central business district. The project is a conversion of an existing six-story building with 11,000 square meters. Once completed, the facility will comprise 8,000 square meters of storage space and 650 units.
"This represents the first of five new Stor-Age properties which will come on line in Gauteng this year, said CEO Gavin Lucas. The exceptional growth in the portfolio is the direct result of the strong trading performance of existing stores and a significant amount of groundwork completed by our property team in 2010. Our Johannesburg city center store is being developed after an in-depth due-diligence study was undertaken, which analyzed key property market fundamentals."
The new Stor-Age Johannesburg property enjoys prime exposure to the high-traffic M2 highway. Construction is being completed by the Madison Construction Group, with the internal system fit-out undertaken by Steel Self Storage Systems (4S4).
Stor-Age Self Storage is a member of the Stor-Age Group, which also comprises Steel Self Storage Systems, a supplier of roll-up doors and hallway partitions for the South African self-storage industry, and SASSI (SA Self Storage Investments), South Africas largest self-storage investment trust.
Stor-Age completed its first self-storage facility in Cape Town in late 2007. The company now has more than 225 million rand of property under management, and more than 350 million rand committed to development and acquisition.