Fundraise of £10 million completed in November 2017
Following a successful fundraise of £10 million, the investee companies have been in the acquisition and establishment phase for the four managed storage sites.
Storage (North) Ltd
The Company’s original focus was to get its first site up and running and therefore undertaking a ‘relevant’ trade. This enabled EIS 3 certificates to be issued in December 2018. Now that the first site is open, the Company has a dual focus of increasing the amount of area let in this new facility and the purchase, build and fit out of the second site.
1. Northwich –
As at APril 2019, occupancy was more than 10% up on the model shown in the Information Memorandum, standing at over 36% of available capacity (17% of maximum capacity). In addition, the yield is more than £3 per square foot higher than originally planned. The Company will continue to focus on growing occupancy levels over the coming months via its sales and marketing team.
2. Merseyside – The purchase of a plot of land from a major supermarket has been agreed, pending Board approval from the vendor. The vendor is attempting to sell two side by side plots and has delayed completing the purchase due to the sale of the second plot falling through. The vendor would ideally like to sell both plots at the same time, as they will share an access road that is to be built by the vendor prior to completion of the respective sales. The company are monitoring the situation closely and may well withdraw its offer if the vendor does not approve the sale in an acceptable timeframe. In the meantime, the Company is seeking an alternate site. To date, four possibilities have been identified.
Storage (Midlands) Ltd
The Company’s original focus was to get its first site up and running and therefore undertaking a ‘relevant’ trade. The EIS 3 certificates were issued to investors at the end of January 2019.
1. Lichfield– The purchase of land has been completed, with temporary containerised storage being made available whilst planning permission was awaited. Planning permission has been granted and building work commenced. We anticipate the handover of the completed building to be by the end of the third quarter of 2019.
2. Yorkshire – An offer has been made for the simultaneous purchase of five side by side plots of long leasehold land, along with the simultaneous purchase of the freehold from the local council. These purchases are currently going through the legal process. Meanwhile, the architect is preparing the plans for the proposed site.
Please see www.surestore.co.uk for further information.