Cape Town
This week Stor-Age announced that it 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 1990’s, Storage King is situated on the corner of Kasselsvlei Road and Peter Barlow Drive. The site, which trades in the 95% occupancy range, enjoys excellent visibility to passing traffic on Peter Barlow Drive and trades into the northern suburb areas of Bellville, Bracken Heights, Ferndale, Morgenster, Protea Heights and Kuilsriver. The facility comprises 293 self storage units ranging in size from 4.5 to 23 m², with a total lettable area of 3 275 m².
Together with the property, 3 616 m² of developable land has been acquired as part of the acquisition. Stor-Age intends redeveloping the existing single storey facility and developing the vacant land within the next 18 months.
Facts & Figures
- Stor-Age acquires Storage King in Bellville
- 293 unit facility to be redeveloped and built-out over 18 month period
- Situated on the corner of Kasselsvlei Road and Peter Barlow Drive
- Presence in Cape Town’s northern suburbs forms part of broader market consolidation strategy
For further information, please contact:
Stor-Age Self Storage
Media and investor relations
Steven Horton, +27 (0) 21 559 8128
Stor-Age Self Storage:
The corporate office of Stor-Age is based in Cape Town, South Africa.
For more information on Stor-Age, visit www.stor-age.co.za
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T: +27 (0)21 559 8128 F: +27 (0)21 559 8578
W: www.stor-age.co.za