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Property investors keyed up as self-storage operation goes on the market for sale

Trading as Boats ‘N’ All Storage, the secure location at Maxwell Place in Te Rapa contains 26 units – comprising a total of 720 square metres of floor space sitting on some 1,651 square metres of industrial-zoned freehold land.

The secure Boats ‘N’ All self-storage hub in two rows of buildings consists of a pair of 36-square metre lock-up spaces which rent for $99.69 a week, and 24 27-square metre units which rent for $75 per week. A small portion of open space at the rear of the yard is additionally rented for $10 a week.

Many of the rectangular-shaped high-stud units feature roller doors that face inward to a large sealed central courtyard with ample space for loading and unloading vehicles such as trucks and trailers. Tenant access to the Boats ‘N’ All self-storage units is via three gates – with the main centre gate being electronically-controlled. When fully tenanted, the Te Rapa business generates annual revenue of $104,489 plus GST.

Now the property at 7 Maxwell Place, along with the going concern Boats ‘N’ All self-storage unit business, is up for sale at auction on July 8 through Bayleys Hamilton. Salespeople Jordan Metcalfe and Rebecca Bruce said the Boats ‘N’ All self-storage units were tenanted by a mix of private and commercial clients who all took advantage of Te Rapa’s location at the end of Hamilton’s metropolitan northern boundary.

Metcalfe said the Boats ‘N’ All Storage business would attract both investors looking for a relatively hands-off opportunity, or for owner-occupiers looking for storage space for their own possessions.

He said the physical structure of the two storage blocks and the external area of the Te Rapa property only required rudimentary minimal maintenance. The property is fully enclosed with wire fencing to ensure the security of tenants’ possessions stored within the individual units. Each unit is three metres wide and has concrete flooring – allowing for the storage of cars, boats, and jet skis, among other items.

“A pair of small grassed areas at the front of the property provide an ‘add-value’ option for the site – with enough space to accommodate a couple of shipping containers which could be used for additional rental storage capacity. Again, this space could be utilised by any new owner for storage of their own items so that the existing rental stream from the other 26 units remains intact,” Metcalfe said.

“The fact that Boats ‘N’ All is in an industrial location means tenants can access their 26 units at any time of the day or week without disturbance to neighbours in the Maxwell Place cul-de-sac.”

Bruce said self-storage has been a constantly growing industry in New Zealand over the past two decades. A survey by AA Insurance found that five percent of the 1,100 Kiwis they surveyed paid for off-site storage of their goods and possessions.

Commenting on the survey findings, AA Insurance said: “Kiwis use storage facilities for a number of reasons, like keeping items safe between houses moves, if they’ve inherited furniture, or simply because they have too much ‘stuff’.”

The AA Insurance survey highlighted that furniture and household items were the most common items kept in storage by Kiwis – as indicated by 67 percent of respondents, followed by sports equipment at 34 percent, and tools and equipment indicated by 30 percent of respondents.

The AA Insurance survey also noted that a substantial proportion of storage unit users – some 30 percent – utilised the service for more than three years.

“For storage business owners and operators, that’s certainly a cornerstone block of tenants within the rental book which would give confidence to forecast revenues,” Bruce said.

Although the self-storage industry is relatively new in New Zealand, in United States it's worth more than $38 billion, with one in 11 people paying for extra space to house their possessions. The first self-storage facility in the U.S. was established in Texas in the mid-1960s.

Click here for more information on the listing.

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