What we do
Our Trading Portfolio comprises 63 self storage properties across South Africa and the United Kingdom, with a combined value of over R4.9 billion.
Stor-Age owns and operates 50 of these properties, covering 321 000 m² GLA – our Listed Portfolio. Stor-Age’s other 13 properties cover 84 000 m² GLA and make up our Managed Portfolio, from which we receive property and asset management fees. Stor-Age holds a pre-emptive right to acquire all properties in the Managed Portfolio, representing a significant growth pipeline.
We manage more than 29 500 individual leases in our Trading Portfolio. In South Africa we experience a churn rate of approximately 5% per month and benefit from more than 1 500 new tenants moving in on average every month. In the UK we experience a churn rate of approximately 8% per month and benefit from more than 550 new tenants moving in every month.
Our average unit size in the UK (6 m2) is considerably smaller than our average size in South Africa (13 m2). The smaller average unit size in the UK contributes directly to the higher churn rate of 8%.
Developing and acquiring properties
Acquisition capability
Our leading corporate platform, skilled operational management team, industry relationships, and specialist sector experience ensure that Stor-Age is well-positioned to identify and capitalise on strategic acquisition and development opportunities with attractive growth potential. This is reflected by our successful acquisitions since listing.
Our ability to close transactions and integrate trading stores seamlessly onto the Stor-Age operating platform has been consistently demonstrated. Since the start of 2017, we successfully completed five transactions to complement our ongoing success in the South African market. This includes three significant multi-property transactions, including the offshore acquisition of Storage King in November 2017.
We continue to improve our operating platform and infrastructure to maximise revenue, reduce costs and ultimately deliver enhanced returns. At a property level, our people and the high-quality, secure and convenient space offered by our portfolio attract and retain a diverse customer base.
Third largest self storage operator in South Africa
Portfolio of six properties – 41 800 m2 GLA
Acquisition completed February 2017
Largest self storage operator in KwaZulu-Natal
Portfolio of four properties – 22 400 m2+ GLA
Acquisition completed November 2017
Sixth largest self storage brand in the United Kingdom
Portfolio of 14 properties – 57 000 m2 GLA
Additional 12 properties trade under the licence of Storage King
Acquisition completed November 2017
Developments
Stor-Age develops investment-grade self storage properties in visible, convenient and accessible locations where there are favourable demographics and where suitable acquisitions are not available. The decision is based on the cost of development versus the cost of acquisition, the demographic market analysis and the existence of barriers to entry. Our model for rolling out new properties and expanding existing ones is well developed with clearly defined key success criteria.
During the year, we opened a high-profile Big Box property in Randburg as part of the Managed Portfolio. This property will offer 7 000 m2 + GLA on full fit-out. We also began construction of two new properties in Bryanston and Craighall Park using the Certificate of Practical Completion (“CPC”) model. On completion, both of the properties will offer a combined 12 750 m2 GLA on full fit-out. The CPC model will see Stor-Age assuming beneficial ownership of each of the properties developed on this model on the day of their opening.
Read more about the CPC model in the CEO’s report.
Barriers to entry and defensive nature of our portfolio
The barriers to new supply in key target nodes are significant. The industry was historically positioned in industrial or urban-edge areas. As a result, there are limited premium grade self storage assets in prime urban and suburban nodes where population density and average household income are key.
Town planning presents a major challenge with long lead times required to gain planning consents. This, in addition to the long lease-up period (financing cost implications) required to reach stabilised occupancy at new stores, is a significant barrier to entry and contributes to the defensive nature of our portfolio.
Our property portfolio in South Africa
Our South African portfolio is predominantly purpose built with a national footprint. The 59 properties are split between 49 trading properties and 10 new developments in our pipeline. Our 49 trading properties will offer an estimated 346 000 m² GLA once fully fitted-out. Our pipeline of 10 new properties offers further GLA of 70 000 m² on full build-out.
In defining our property strategy in South Africa, we identified the four main cities on which to focus and then the specific suburbs (including arterial routes) where we would like to establish a presence. This is not a restrictive or instructive strategy, but rather a guide that supports our full business growth strategy.
and comprises 59 properties across an
extensive national network.
TRADING PORTFOLIO:
49 properties
R3.5 billion
348 000 m² GLA
23 500+ tenants
LISTED PORTFOLIO:
36 properties1
R2.5 billion
264 000 m² GLA
17 000+ tenants
MANAGED PORTFOLIO:
13 properties
c. R1.050 billion
84 000 m² GLA
6 500+ tenants
PIPELINE:
10 properties
c. R1.0 billion
70 000 m² GLA
Select a region on the map to view our stores
Western Cape
Listed Property Portfolio
Address: Cnr of Peter
Barlow and
Kasselsvlei Road,
Bellville, Cape Town
GLA m2: 5 874
Value R’000: 63 900
Listed Property Portfolio
Address: 255
Voortrekker Road,
Maitland, Cape
Town
GLA m2: 1 556
Value R’000: 18 507
Managed Property Portfolio
Address: Cnr of Main
Road & Brooke Street,
Claremont, Cape Town
GLA m2: 8 134
GLA (full capacity) m2:
8 091
Listed Property Portfolio
Address: Cnr of
Pinehurst Drive
and Okavango
Road, Pinehurst,
Cape Town
GLA m2: 10 649
Value R’000: 120 000
Listed Property Portfolio
Address: 4 Plein
Street,
Durbanville, Cape
Town
GLA m2: 7 811
Value R’000: 88 000
Listed Property Portfolio
Address: 1 Southdale
Road
Edgemead, Cape Town
GLA m2: 6 719
Value R’000: 54 376
Listed Property Portfolio
Address: 121 Roeland
Street,
Gardens, Cape Town
GLA m2: 11 090
Value R’000: 238 750
Listed Property Portfolio
Address: Cnr Bloemhof
Avenue and
Springfield Street,
Ottery,
Cape Town
GLA m2: 5 356
Value R’000: 44 700
Listed Property Portfolio
Address: 67 Regent
Road,
Sea Point, Cape Town
GLA m2: 2 756
Value R’000: 59 000
Listed Property Portfolio
Address: 42 Delson
Circle,
Somerset West, Cape Town
GLA m2: 5 001
Value R’000: 46 700
Managed Property Portfolio
Address: Cnr Forsyth
Road & De Beers Avenue,
Somerset West, Cape town
GLA m2: 5 507
GLA (full capacity) m2:
5 507
Listed Property Portfolio
Address: 24 Ou
Paardevlei Road,
Somerset West,
Cape Town
GLA m2: 7 720
Value R’000: 96 000
Listed Property Portfolio
Address: 7 George Blake
Street
and 6 Stoffel Smit
Street,
Stellenbosch
GLA m2: 6 247
Value R’000: 80 000
Listed Property Portfolio
Address: 121 Koeberg
Road,
Corner of Koeberg and
Blaauwberg
Road, Table View,
Cape Town
GLA m2: 10 114
Value R’000: 127 000
Listed Property Portfolio
Address: 64-74 White
Road,
Retreat, Cape Town
GLA m2: 8 129
Value R’000: 113 000
Managed Property Portfolio
Address: 37 Informal
Road, Westlake, Cape Town
GLA m2: 2 249
GLA (full capacity) m2:
2 249
Gauteng
Listed Property Portfolio
Address: 37 View Point
Road, Bartlett, Boksburg,
Johannesburg
GLA m2: 7 229
Value R’000: 71 000
Managed Property Portfolio
Address: Cnr of Jan
Shoba & Justice Mohamed Street,
Brooklyn, Pretoria
GLA m2: 7 022
GLA (full capacity) m2:
7 582
Listed Property Portfolio
Address: Cnr of Hendrik
Potgieter and 14th Avenue,
Constantia Kloof, Johannesburg
GLA m2: 5 375
Value R’000: 79 167
Listed Property Portfolio
Address: 17 JG Strydom
Drive, Constantia Kloof,
Johannesburg
GLA m2: 7 977
Value R’000: 95 000
Listed Property Portfolio
Address: Plot 13
Garsfontein Road, Grootfontein,
Pretoria
GLA m2: 9 711
Value R’000: 44 500
Managed Property Portfolio
Address: 60 Civin Drive
Germinston, Johannesburg
GLA m2: 8 517
GLA (full capacity) m2:
8 596
Listed Property Portfolio
Address: Jakaranda
Street, Hennopspark, Pretoria
GLA m2: 9 387
Value R’000: 70 500
Managed Property Portfolio
Address: Cnr of 40th
Avenue & 24th Street, Irene,
Pretoria
GLA m2: 5 033
GLA (full capacity) m2:
6 000
Listed Property Portfolio
Address: 32
Rosettenville Road, Village Main,
Jhb City, Johannesburg
GLA m2: 7 848
Value R’000: 56 500
Listed Property Portfolio
Address: Cnr of Cheetah
and Klipspringer Street, Kempton
Park, Johannesburg
GLA m2: 9 214
Value R’000: 75 000
Listed Property Portfolio
Address: 1250 Theron
Street, Pierre van Rhyneveld,
Pretoria
GLA m2: 20 919
Value R’000: 133 500
Listed Property Portfolio
Address: 492 Komondor
Road, Glen Austin X3, Midrand,
Johannesburg
GLA m2: 7 248
Value R’000: 53 000
Listed Property Portfolio
Address: 65 Freight
Road, Cnr of Old Johannesburg and
Brakfontein, Louwlardia Ext 13,
Centurion, Pretoria
GLA m2: 7 597
Value R’000: 83 000
Listed Property Portfolio
Address: 39 Tulip
Avenue, Raslow, Pretoria
GLA m2: 8 248
Value R’000: 42 000
Managed Property Portfolio
Address: 738 Blesbok
Street Pretoria East
GLA m2: 5 525
GLA (full capacity) m2:
7 500
Listed Property Portfolio
Address: 1384 Malie
Street, Pretoria West
GLA m2: 4 161
Value R’000: 11 550
Listed Property Portfolio
Address: 225 Braam
Fischer Drive, Randburg,
Johannesburg
GLA m2: 7 332
Value R’000: XX
Listed Property Portfolio
Address: 29 Rietspruit
Rd, Samrand, Pretoria
GLA m2: 7 978
Value R’000: 53 900
Managed Property Portfolio
Address: Six Fountains
Boulevard off Hans Strijdom Drive,
Six Fountains, Pretoria
GLA m2: 7 687
GLA (full capacity) m2:
9 096
Managed Property Portfolio
Address: 4 Kikuyu Road,
Sunninghill, Johannesburg
GLA m2: 7 781
GLA (full capacity) m2:
7 500
Listed Property Portfolio
Address: Portion 610,
St Antonios Road, Muldersdrift,
Johannesburg
GLA m2: 5 788
Value R’000: 20 107
Listed Property Portfolio
Address: 70 Migmatite
Street, Zwartkop Ext 13,
Pretoria
GLA m2: 9 319
Value R’000: 62 500
Free State
Listed Property Portfolio
Address: Sand Du
Plessis Avenue, Estoire,
Bloemfontein
GLA m2: 6 679
Value R’000: 25 700
Kwa-Zulu Natal
Managed Property Portfolio
Address: 23 Calder
Road, Berea. Durban
GLA m2: 8 160
GLA (full capacity) m2:
8 354
Managed Property Portfolio
Address: 33 Flanders
Drive, Mount Edgecombe, Durban
GLA m2: 8 632
GLA (full capacity) m2:
8 755
Managed Property Portfolio
Address: 200 Gale
Steet, Durban
GLA m2: 3 469
Value R’000: 21 500
Managed Property Portfolio
Address: 2014 Old North
Coast Rd, Mt Edgecombe
GLA m2: 3 782
Value R’000: 26 600
Listed Property Portfolio
Address: 166 Intersite
Avenue, Umgeni Business Park, Durban
GLA m2: 5 516
Value R’000: 41 500
Managed Property Portfolio
Address: 1 Nguni Way,
Hillcrest
GLA m2: 15 115
Value R’000: 110 000
Eastern Cape
Listed Property Portfolio
Address: Plot 136 Old
Cape Road, Port Elizabeth
GLA m2: 11 032
Value R’000: 59 000
Managed Property Portfolio
Address: 85 Warbler
Road, Westering, Port Elizabeth
GLA m2: 6 826
GLA (full capacity) m2:
9 393
1 | Includes All-Store – acquired 6 April 2018 |
Maintaining our properties
As a customer-facing real estate business, it is paramount to maintain the quality of our assets by investing in a rolling programme of preventative maintenance, store cleaning and the repair and replacement of essential equipment.
We have a bespoke, online-based Facilities Management System for store-based employees to log, track and manage all maintenance requests until closed. In conjunction with our store-based employees and area managers, our national facilities manager and city-based regional facilities managers oversee property maintenance with the assistance of dedicated facilities teams in each city.