Unlocking Premium Urban Storage Potential
Overview
Flexistore’s inaugural Stellenbosch facility is located at Eikestad Mall, a bustling hub in the town’s centre. Designed to meet the growing demand for secure, accessible self-storage, this project highlights how Flexistore’s solutions can optimise underutilised spaces, creating a high-yield asset for property owners.
Self-Storage in Stellenbosch
Stellenbosch is one of South Africa’s most dynamic urban centres, offering a unique combination of opportunity and challenge:
Student Population: Home to the University of Stellenbosch and other tertiary institutions, the town experiences seasonal demand for temporary storage during academic holidays.
Affluent Residents: High-net-worth individuals contribute to steady demand for secure, premium self-storage.
Business density: Businesses, including retailers in the Eikestad Mall, have storage needs with very few options to choose from.
High Property Prices: Limited land availability and a tightly bounded urban area drive up real estate costs, encouraging innovative space utilisation.
Traffic: The congestion in and around Stellenbosch makes conveniently located self-storage a more sought-after service.
Challenging rezoning Laws and fire regulations: Strict zoning and fire compliance regulations make it time consuming and costly for property owners to redevelop.
Installation Highlights
Timeline: Installation was completed in just 6 weeks, demonstrating the speed and efficiency of Flexistore’s Storebuild system.
Capacity: The facility features 83 units, offering a variety of storage unit sizes (from 1 cubic meter to 13 sqm) tailored to diverse client needs.
Space Efficiency: Flexistore achieved an impressive efficiency ratio (storage lettable area as a percentage of gross area), maximising the value of the space provided by Eikestad Mall. This efficiency was enhanced by putting the cubic meter storage lockers on top of the 2.3 meter high bigger units in the facility and providing mobile stairs to access those units. The storage lettable area is 82% of the gross area taken up by the Flexistore facility.
Convenient Location: Positioned within the mall’s secure parking area, the facility is easily accessible and visible.
Exceptional Performance
Flexistore’s Eikestad Mall site has exceeded expectations since its launch, with results attributed to both operational excellence and ideal market timing:
Occupancy Goals: The industry standard for new storage facilities is to reach 60% occupancy within 12 months and 90% within two years.
The Flexistore Eikestad Mall site surpassed these benchmarks in its’ first 30 days, thanks to high seasonal demand from students vacating residence rooms for summer holidays.
Rapid Occupancy Growth: 16 bookings were secured in the first weekend alone, driven by Google Ads and the visibility of the site to customers using the Plein Street parking, with no pre-bookings.
Within just 30 days, the facility achieved 92% occupancy, far exceeding the initial 12-month goal.
Premium Pricing: Located in a premium urban area, the site has commanded above-average rental rates for South Africa’s storage market.
Strategic Market Timing: The opening coincided with peak demand from the University of Stellenbosch student population and the students from a number of other tertiary institutions in this student town, ensuring strong initial uptake.
Benefits for Property Owners
Flexistore’s turnkey solution offers multiple advantages for property owners:
Creating revenue from difficult to let space: The space converted to a Flexistore facility was an awkward storeroom with very low rental potential. The conversion of the site to a self-storage facility has altered the returns prospects dramatically.
Increased ROI: The high efficiency ratio achieved from the layout ensures maximum returns from available space. In the case of the Eikestad Mall, that return has been accelerated into the very first month of operation due to the extraordinary demand for the product.
Quick Implementation: The StoreBuild system enables fast project completion, minimising downtime and the beneficial occupation period required.
Demand-Driven Growth: Proven performance in competitive markets like Stellenbosch demonstrates the scalability of the model.
Comprehensive Solution: Flexistore handles everything, from installation, branding, technology integration and complete facility operation and management. The property owner enjoys a monthly payment with very little effort.
Conclusion
The Eikestad Mall site demonstrates how Flexistore’s innovative storage solutions can unlock the potential of urban properties. By leveraging strategic locations, market insights, and cutting-edge technology, property owners can achieve superior returns and rapid occupancy.
Contact Flexistore today to transform your property into a high-performing self-storage facility.
