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Stor-Age acquires Storage King
This week Stor-Age announced that it has completed its due diligence investigations for the acquisition of Storage King in Bellville, Cape Town.
Said to be one of the first self-storage facilities developed in Cape Town during the 1990s, Storage King is situated on the corner of Kasselsvlei Road and Peter Barlow Drive and trades in the 95% occupancy range to 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 23m², with a total lettable area of 3275m².
Together with the property, 3616m² 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.
The acquisition forms part of Stor-Age's broader market consolidation strategy and it provides the company with a presence in the heart of the fast-growing northern suburbs.
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