by Tony Gonzalez
October 20, 2011 4:11 PM
The economy is slowly picking up in the United States as is evidenced by the construction of new self storage facilities in different states. There is also an increase of storage facilities being built and purchased in other parts of the world. Stor-Age Self-Storage, the largest owner of self storage businesses in South Africa, has seen significant growth over the last six months.
Stor-Age recently acquired Lotto Lotto Storage in Boksburg, Johannesburg, near the N12 highway in Boksburg. Lotto Lotto Storage has been in business since 2007. The facility has 400 units and has an occupancy rate over 95%. This brings the number of Stor-Age facilities in South Africa up to 17. Stor-Age has corporate offices in Cape Town.
At the end of September, Stor-Age opened a new two-story facility in Bloemfontein on Sand Du Plessis Avenue. This was the first phase for that site. They were very pleased because it was completed on time and within budget. Construction began in April 2011. When the second phase of the project is completed, there will be 500 units at this site.
In September, they also purchased Storage King in Bellville, Cape Town. Storage King was one of the first storage facilities built in Cape Town during the 1990s. Stor-Age plans on remodeling the building and developing additional property that was part of the purchase. When the construction is completed, the facility will have 293 units.
In May, Stor-Age began development of a new store in Table View on the historic Kilarney Hotel site situated on the corner of Blaauwberg and Koeberg Roads. This facility will be multi-storied and have approximately 800 units. Faircape Construction is building the new facility.
In April, Stor-Age purchased a building in Johannesburg CBD that they will convert into a six-story facility with 650 units. The Madison Construction Group will handle the remodeling. The building location is near the M2 highway and will provide easy access to customers.
Gavin Lucas, CEO of Stor-Age, said that the growth of their company is due to the success of the existing sites and to the market analysis work of their property team. Stor-Age strives to build state of the art storage facilities and provide the highest quality service possible.
Sources Used:
"Stor-Age Acquires Lotto Lotto Storage in Boksburg South Africa" Inside Self Storage; 20 October 2011.
"Stor-Age Announces Opening of a New Store in Bloemfontein." Stor-Age Self-Storage; 13 September 2011.
"Stor-Age Announces Acquisition of Storage King." Stor-Age Self-Storage; 13 September 2011.
"Stor-Age Announces Development of New Store in Johannesburg CBD." Stor-Age Self-Storage; 13 April 2011.
Tags: stor-age self-storage, south africa, lotto lotto storage, boksburg, johannesburg, bloemfontein, storage king, bellville, capetown, table view, kilarney hotel, gavin lucas
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