\n
![\"The](\"https:\/\/www.insideselfstorage.com\/sites\/insideselfstorage.com\/files\/c4888e9fe1f043e5b671f755f1a0f1ca.jpg\")
<\/p>\n
\n<\/p>\n
<\/p>\n
In the UK, the group plans to develop five new properties, at a cost of \u00a364 million (roughly R1.44 billion). This will add an estimated 270 000 square feet (about 25 110m2) in the gross lettable area to the portfolio.”<\/span><\/span><\/span><\/p><\/blockquote>\n
Stor-Age, SA’s biggest self-storage property fund, says customer churn levels remain below pre-pandemic levels, while average rent climbed by 7.3% in South Africa, and more than 8% in the UK over the past year.<\/span><\/span><\/span><\/p>\n
Valued at about R5.9 billion on the JSE, Stor-Age’s portfolio comprised 86 self-storage properties across both SA (56) and the UK (30).<\/span><\/span><\/span><\/p>\n
The SA portfolio was valued at R5.1 billion and the UK portfolio \u2013 under the brand Storage King \u2013 at R5.8 billion. In a trading update for the 11 months to end-February, same-store occupancies in South Africa rose from 89.5% in September to 91.7%, while in the UK it fell from 91.8% to 86.7%.<\/span><\/span><\/span><\/p>\n
Demand levels remain robust with enquiry levels in line with expectation, the group said. Churn, or customers moving out each month as a percentage of starting occupancy, remains lower than pre-pandemic levels, providing further support to occupancy.<\/span><\/span><\/span><\/p>\n
The 2023 year has seen a return to a more normalised cycle of trading in line with pre-pandemic seasonality trends, Stor-Age noted. Typically, the company experiences some occupancy losses in the winter months offset by strong trading activity in the spring and summer months.<\/span><\/span><\/span><\/p>\n
Stor-Age is developing ten new South African properties at a cost of R900 million in Pinelands, Morningside, Bryanston, Century City and Paarden Eiland. This will add an estimated 60 000m2 in gross lettable area to the portfolio.<\/span><\/span><\/span><\/p>\n
In December, the group completed the R65 million acquisition of a self-storage facility in Parklands in Cape Town. This added a further 3 300m2 of gross lettable area, with a further 5 300m2 of lettable area added at other properties in the portfolio in the 2023 year.<\/span><\/span><\/span><\/p>\n
In the UK, the group plans to develop five new properties, at a cost of \u00a364 million (roughly R1.44 billion). This will add an estimated 270 000 square feet (about 25 110m2) in gross lettable area to the portfolio.<\/span><\/span><\/span><\/p>\n
The company continues to seek opportunities to unlock value in its existing UK portfolio. Accordingly, a number of town planning applications are currently either in hand and approved, allowing for expansion. This includes Huddersfield, Wakefield and Blackpool.<\/span><\/span><\/span><\/p>\n