Fundraise of over £6.6 million completed in March 2018
Following a successful fundraise of £6.6 million, the investee companies have been in the acquisition and establishment phase for two larger managed storage sites.
Storage (Pennines) Ltd
The Company has purchased a site in Old Trafford, Manchester. Planning permission is in place for a 40,000 sq. ft. facility and demolition of the previous building has been completed. Ground works will commence at the start of March 2020.
The Planning Office have latterly asked the company to make a slight revision to the plans approved, which would have the effect to reducing the noise heard by neighbouring properties. The revision requested would actually result in the facility having slightly more lettable space (42,000 sq. ft.) and revised plans have therefore been submitted. This late change has no affect on the ground works which will continue as planned.
Storage (Cheshire) Ltd
The company opened its 42,000 sq. ft. facility in Bury in September 2019. Occupancy levels remain ahead of plan with the site currently producing the highest yield of the whole Surestore portfolio.
In our September 2019 update, we advised that the Surestore team had sold three sites (belonging to three of companies involved in our first two Managed Storage EIS Funds) to an institutional buyer. As the sale of the sites progressed, it became apparent that the larger sites were commanding a higher price per square foot when sold. Whilst never a guarantee, this bodes well for the sites that comprise our Managed Storage EIS Fund No. 3.
Please see www.surestore.co.uk for further information.