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Cushman & Wakefield | BROLL played an integral part in facilitating a deal which has enabled the development of a modern new self-storage facility in a prime location in Sandton for Stor-Age Property REIT Limited (JSE: SSS), South Africa’s leading and largest self-storage property real estate investment trust (REIT).
The facility, which will commence construction in November 2023, is ideally located on Sandton Drive, a main arterial running through Sandhurst in the affluent northern suburbs of Johannesburg. Cushman & Wakefield | BROLL facilitated the purchase, consolidation and rezoning of three adjacent residential properties which, combined, form the site of the new-self storage development.
Angie Stroebel and Cheryl Reilly managed the deal for Cushman & Wakefield | BROLL Transaction Services. Stroebel says that the new building will be attractive and modern, and is designed to have minimal impact on its neighbourhood – having a soft boundary with its immediate neighbours.
“It is quite unlike the rows of garages that one might have associated with self-storage before the days of Stor-Age,” she notes. “Rather, it is a world-class design that incorporates technology and unique architecture. The design also maximises land use and minimises costs by creating multiple floors of storage within the allowable height rather than sprawling areas of single-storey units.”
Brandon Joscelyne, Property Development Manager at Stor-Age, reports that the REIT is delighted with this new development. “The location meets all of Stor-Age’s criteria for a property, which include having a prominent and visible position, and being within proximity to a high LSM residential area,” he says. “Added to that, the property will benefit businesses in the area that are looking for space on a short-term flexible lease basis.”
Stroebel adds: “The facility will offer easy access to users, compared to most storage properties which have generally tended to be located in outlying industrial areas. It is a good fit for the neighbourhood in that it will have minimal impact on traffic generation and places a low demand on services and infrastructure in the area.”
The acquisition of the property by Stor-Age began in 2018 when the sale/purchase agreements were signed, but due to delays resulting from the COVID-19 lockdowns and the process of working with neighbours to create a win-win solution, the transfer only took place at the end of 2022. The building is scheduled for completion in early 2025.
This is the second deal that Stroebel has concluded for Stor-Age on behalf of Cushman & Wakefield | BROLL, which has a decade-long relationship with the REIT. She also arranged the transaction that enabled the opening of Stor-Age Craighall at its prominent Jan Smuts Avenue location in 2019.
Cushman & Wakefield | BROLL's Managing Director of Transaction Services, Calvin Crick, says, “We are delighted to have had the opportunity to facilitate another strategic transaction for Stor-Age, securing a prime position for the latest property in its growing portfolio,”