OUR BUSINESS
what we do
Our Trading Portfolio comprises 43 self storage properties across South Africa.
Stor-Age owns and operates 31 of these properties, covering 233 000 m² GLA – our Listed Portfolio. Stor-Age’s other 12 properties cover 67 000 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 over 18 500 individual leases with a churn rate of 5 – 6% per month and over 1 100 new tenants moving in each month.
We continue improving 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 attract and retain a diverse customer base.
STOR-AGE AT OUR CORE
Put simply, Stor-Age exists because we solve people’s and business’ space problems.
We aim to actualise within a number of dimensions simultaneously for maximum value creation. Stor-Age aims for purpose and profit; continuity and change; freedom to innovate; and responsibility. We strive to respect our colleagues, our customers, ourselves and the organisation, which is greater than the sum of its parts.
Our four Core Values guide and inspire every single thought, action and decision: Excellence, Sustainability, Relevance and Integrity.
SOPHISTICATED OPERATIONS PLATFORM
We have invested significantly in developing a sophisticated and scalable management platform to provide centralised services and support across the portfolio. This offers economies of scale and cost efficiencies.
Our web-based tenant management system provides real-time information on the operating and financial performance of each property. The system also has a unique built-in client relationship management (CRM) tool which allows all enquiries to be logged and tracked (until closed) and management to remotely monitor employees’ efforts in this process. Every month, more than 4 400 enquiries are recorded and followed up on.
The Stor-Age website – whether accessed by desktop, tablet or smartphone – accounts for 55% of all enquiries. The telephone accounts for 28% of enquiries as the first point of contact and walk-in enquiries, where we have had no previous contact with a customer, accounts for 17%.
Pricing is dynamic and varies according to unit size, demand, the stage of lease-up, and location. In Stor-Age’s Big Box properties, the internal space can be reconfigured to produce variations of unit sizes in order to meet the demand profile and optimise the revenue streams from the property.
Operationally, Stor-Age consists of two elements: systems and people. Our approach to each is summarised below.
BRAND STRENGTH
Developing Stor-Age into the leading South African self storage brand has been a key strategic objective since inception. Our focus on the location, visibility and quality of our properties, underpinned by excellent customer service and a leading online platform, has successfully achieved this.
Our brand is firmly positioned at the quality end of the market, and is well defined and differentiated.
Our brand strategy is founded on big branding at properties in high-visibility locations on key arterials in densely populated residential suburbs with adjacent commercial and business corridors. Stor-Age’s Big Box properties are especially impactful in this regard.
Our effective and innovative internet technology and digital marketing have enhanced our brand reach and raised the barrier to entry to competition, given the innate complexity and cost of online sales.
SALES, MARKETING AND E-COMMERCE
We have embraced the digital age and regard our online platform (management and tenant) as a key competitive differentiator.
We see digital as enabling a cohesive, previously unavailable, brand experience by creating unique and specific touch points based on where the customer is located and which specific online search term is used.
Our search engine optimisation (SEO) results maintain our leading ranking for the most popular and searched terms by using both paid for and organic listings.
In January 2017, we launched our new interactive website, which is gaining traction and encouraging web prospects to enter our ‘digital sales funnel’ and convert into a sale. More than 40% of total web enquiries originate from smartphones and tablets. Taking this into account, our new website is designed to be simple and uncluttered.
Our e-commerce platform encompasses an online reservation system and real-time pricing model which allow our online customers to seamlessly transition from obtaining a quote to moving in. This has improved the user experience and reduced move-in time for improved productivity.
With regards to marketing, we continued executing our IDEA campaign in the year. This is predicated on simple ideas about storage space in order to educate consumers on the convenience and benefits of the product. The ongoing roll-out across all marketing mediums is supported by a number of larger regional and store based activations.
Social media remains a key marketing and CRM medium for the group. We are mainly active on Facebook (66 000+ followers, ranking us as the third highest followed self storage business in the world) and Twitter, but also on Instagram, Pinterest, LinkedIn, Google Plus and YouTube. Through specific Call-To-Action buttons, we are able to engage with our customers in real time. Our well-established, active, online brand personality and presence plays a crucial role in maintaining Stor-Age as the top of mind choice for a space solution.
We further use our social media presence to support community projects, such as The Color Run South Africa and the Santa Shoebox Project. Refer to the social sustainability section for more detail on our corporate social investments.
We measure customer service standards through a programme of mystery shoppers and customer satisfaction surveys using our in-house ’My Experience Surveys’ portal.
OUR PEOPLE
Stor-Age has a flat operational structure that recognises that our operations employees are pivotal to achieving our strategic objectives, including driving occupancy, revenue and cash flow growth in the portfolio.
To foster a partnership culture within the business, management spends significant time at each property and is accessible to all employees. Our learning, development and training programme delivered both online and in person, develops both core and soft skills to promote individual advancement, and our performance management system supports this through regular appraisals and feedback sessions.
OUR PROPERTY
Our portfolio is predominantly purpose built with a national footprint. The 49 properties are split between 43 trading properties and six new developments in our pipeline. Our 43 trading properties will offer an estimated 320 000 m² GLA once fully fitted-out, and provide for a further 20 000 m² of approved development bulk. Our pipeline of six new properties offers further developable GLA of 39 000 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.
Our Portfolio
Listed Portfolio, 12 in the Managed Portfolio
and 6 in the pipeline)
TRADING PORTFOLIO:
43 properties
R2.96bn
300 000 m²
18 500+ tenants
LISTED PORTFOLIO:
31 properties
R2.1bn
233 000 m²
15 000+ tenants
MANAGED PORTFOLIO:
12 properties
c. R860m
67 000 m²
3 500+ tenants
PIPELINE:
6 properties
c. R465m
39 000 m²
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: 60 900
Listed Property Portfolio
Address: 255 Voortrekker
Road,
Maitland, Cape Town
GLA m2: 1 027
Value R’000: 16 393
Managed Property Portfolio
Address: Cnr of Main Road
& Brooke Street, Claremont, Cape
Town
GLA m2: 7 944
GLA (full capacity) m2: 8 091
Listed Property Portfolio
Address: Cnr of Pinehurst
Drive
and Okavango Road, Pinehurst,
Cape Town
GLA m2: 9 722
Value R’000: 103 000
Listed Property Portfolio
Address: 4 Plein Street,
Durbanville, Cape Town
GLA m2: 7 804
Value R’000: 86 300
Listed Property Portfolio
Address: 1 Southdale Road
Edgemead, Cape Town
GLA m2: 4 713
Value R’000: 58 799
Listed Property Portfolio
Address: 121 Roeland
Street,
Gardens, Cape Town
GLA m2: 9 235
Value R’000: 185 000
Listed Property Portfolio
Address: Springfield
Street,
Ottery, Cape Town
GLA m2: 5 362
Value R’000: 42 050
Listed Property Portfolio
Address: 67 Regent
Road,
Sea Point, Cape Town
GLA m2: 2 756
Value R’000: 56 600
Listed Property Portfolio
Address: 42 Delson Circle,
Somerset West, Cape Town
GLA m2: 4 971
Value R’000: 45 000
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: 7 608
Value R’000: 89 000
Listed Property Portfolio
Address: 7 George Blake
Street
and 6 Stoffel Smit Street,
Stellenbosch
GLA m2: 6 063
Value R’000: 67 000
Listed Property Portfolio
Address: 121 Koeberg Road,
Corner of Koeberg and Blaauwberg
Road, Table View, Cape Town
GLA m2: 10 087
Value R’000: 115 000
Listed Property Portfolio
Address: 64-74 White Road,
Retreat, Cape Town
GLA m2: 8 129
Value R’000: 92 000
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: 65 000
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: 62 000
Listed Property Portfolio
Address: 17 JG Strydom
Drive, Constantia Kloof,
Johannesburg
GLA m2: 7 928
Value R’000: 100 000
Listed Property Portfolio
Address: Plot 13
Garsfontein Road, Grootfontein, Pretoria
GLA m2: 9 711
Value R’000: 40 000
Managed Property Portfolio
Address: 60 Civin Drive
Germinston, Johannesburg
GLA m2: 3 606
GLA (full capacity) m2: 8 596
Listed Property Portfolio
Address: Jakaranda Street,
Hennopspark, Pretoria
GLA m2: 9 385
Value R’000: 68 050
Managed Property Portfolio
Address: Cnr of 40th Avenue
& 24th Street, Irene, Pretoria
GLA m2: 5 034
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: 51 500
Listed Property Portfolio
Address: Cnr of Cheetah and
Klipspringer Street, Kempton Park,
Johannesburg
GLA m2: 9 214
Value R’000: 67 500
Listed Property Portfolio
Address: 1250 Theron
Street, Pierre van Rhyneveld,
Pretoria
GLA m2: 20 941
Value R’000: 121 000
Listed Property Portfolio
Address: 492 Komondor Road,
Glen Austin X3, Midrand,
Johannesburg
GLA m2: 7 248
Value R’000: 48 500
Listed Property Portfolio
Address: 65 Freight Road,
Cnr of Old Johannesburg and Brakfontein,
Louwlardia Ext 13, Centurion, Pretoria
GLA m2: 7 548
Value R’000: 82 500
Listed Property Portfolio
Address: 39 Tulip Avenue,
Raslow, Pretoria
GLA m2: 8 259
Value R’000: 38 800
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: 9 800
Listed Property Portfolio
Address: 29 Rietspruit Rd,
Samrand, Pretoria
GLA m2: 7 978
Value R’000: 52 600
Managed Property Portfolio
Address: Six Fountains
Boulevard off Hans Strijdom Drive, Six
Fountains, Pretoria
GLA m2: 5 447
GLA (full capacity) m2: 9 096
Managed Property Portfolio
Address: 4 Kikuyu Road,
Sunninghill, Johannesburg
GLA m2: 6 149
GLA (full capacity) m2: 7 500
Listed Property Portfolio
Address: Portion 610, St
Antonios Road, Muldersdrift,
Johannesburg
GLA m2: 3 302
Value R’000: 21 721
Listed Property Portfolio
Address: 70 Migmatite
Street, Zwartkop Ext 13, Pretoria
GLA m2: 9 340
Value R’000: 56 000
Free State
Listed Property Portfolio
Address: Sand Du Plessis
Avenue, Estoire, Bloemfontein
GLA m2: 6 679
Value R’000: 24 500
Kwa-Zulu Natal
Managed Property Portfolio
Address: 23 Calder Road,
Berea. Durban
GLA m2: 2 614
GLA (full capacity) m2: 8 354
Managed Property Portfolio
Address: 33 Flanders Drive,
Mount Edgecombe, Durban
GLA m2: 8 755
GLA (full capacity) m2: 8 755
Listed Property Portfolio
Address: 166 Intersite
Avenue, Umgeni Business Park, Durban
GLA m2: 5 516
Value R’000: 32 000
Eastern Cape
Listed Property Portfolio
Address: Plot 136 Old Cape
Road, Port Elizabeth
GLA m2: 11 016
Value R’000: 58 000
Managed Property Portfolio
Address: 85 Warbler Road,
Westering, Port Elizabeth
GLA m2: 6 826
GLA (full capacity) m2: 9 393
Select a region on the map to view our stores
TRADING PORTFOLIO:
43 properties
R2.96bn
300 000 m²
18 500+ tenants
LISTED PORTFOLIO:
31 properties
R2.1bn
233 000 m²
15 000+ tenants
MANAGED PORTFOLIO:
12 properties
c. R860m
67 000 m²
3 500+ tenants
PIPELINE:
6 properties
c. R465m
39 000 m²
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 dedicated intranet for operational employees to log maintenance requests. Our national facilities manager manages property maintenance with the assistance of facilities management teams in each city in conjunction with store operations and area managers.
Cyber security
We have noted the global increase of ransomware and other cyber security attacks. During the year a number of enhancements have been made to the layered network security systems in order to strengthen defences.
We have chosen reputable, specialist service providers as business partners to ensure continued cyber security measures are maintained at the highest level. Together with a cloud based approach for essential services, our Information Communication and Technology (ICT) objectives of avoiding redundancy, enhancing security and ensuring continuity, remain strategic priorities.
Users (both internal and external) are continuously monitored to ensure the most effective use of resources and to limit the opportunity to breach the company’s cyber defences.
Our strategy, suppliers and network design are reviewed on a regular basis in order to stay abreast of leading best practice and remain relevant in the use of technology.