Stor-Age Self Storage, a property-management group based in Cape Town, South Africa, has completed its due diligence investigations for the acquisition of Storage King in Bellville, Cape Town.
One of the first self-storage facilities developed in Cape Town during the 1990s, Storage King is on the corner of Kasselsvlei Road and Peter Barlow Drive. The site has 293 self-storage units and averages an occupancy of 95 percent. It enjoys visibility to passing traffic on Peter Barlow Drive and draws customers from the northern suburb areas of Bellville, Bracken Heights, Ferndale, Morgenster, Protea Heights and Kuilsriver. The property also includes undeveloped land. Stor-Age intends to redevelop the existing single-story facility and the vacant land within the next 18 months.
The acquisition of Storage King is part of Stor-Ages broader market consolidation strategy and provides the company with the opportunity to have a presence in the heart of the fast-growing northern suburbs.
Stor-Age completed its first self-storage facility in Cape Town in late 2007. The company now has more than 255 million rand of property under management.