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 (Cheshire) Ltd
The company fully opened its Bury site in September 2019, with occupancy already ahead of plan. The company is now focussed on driving up occupancy levels through a number of marketing initiatives.
Since our last update, the Surestore team received enquiries from several parties seeking to purchase three of the sites owned by other Managed Storage companies within our range of Managed Storage Funds. All three sites were purchased by the same buyer (a pension fund). 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, as these represent some of the larger sites within our wider portfolio.
Storage (Pennines) Ltd
The Company has purchased a site in Old Trafford, Manchester. Temporary Managed Storage is being offered, whilst a full planning application is sought for the new store. The company received a number of queries from the planning office resulting in a delay to planning permission being given. This has now been resolved, with permission in place. Demolition of the existing building will commence shortly with the construction of a purpose built facility having been put out to tender. Construction is expected to commence in Q4 2019 with completion within 12 months of the start date.
Please see www.surestore.co.uk for further information.