Operators of storage Manchester are quite optimistic about the self-storage industry in the UK. New consumer awareness and new business openings are expected to improve occupancy on the units. After a period of limited new store openings following the recession, the self-storage industry is beginning to grow expanding by 1.3 million square feet in 2014. Self-Storage Association in the UK estimates that there are now 1,022 facilities with 159 supply container storage only.
There is approximately 35.7 million square feet of self-storage in the UK which equates to 0.56 square feet of storage space for every person. The average rental rates showed an increase over the year at 7.1% to £21per square feet per annum.
In other countries like the United States, the self-storage industry is also on the process of expansion. A warehouse across Milwaukee Intermodal Station sold for $3 million to a Chicago investment group to be renovated into a self-storage facility.
The seven-story building has been on the market for about a year and has gained the attention of developers who were considering its conversion into apartments. However, the apartment boom in downtown Milwaukee is what attracted the Canadian investor to turn the building into a self-storage facility. Part of the appeal of the building is it is visible from the interstate.
The Chicago development group has done similar self-storage projects in the market and renovation will start as soon as the existing tenant Iron Mountain moves out from the building. Milwaukee Self Storage is looking for a natural brand to operate the heated and air conditioned storage units. There will also be a retail store within the building that will sell moving supplies.
Ace Industrial Properties sold the 124,247 square foot building but it is leased to Iron Mountain for document storage up to 2016. The building was also marketed partially to apartment developers. The existing lease of Iron Mountain was actually a challenge to apartment developers who were actually showing genuine interest over the building. However, Milwaukee Storage was able to close the sale.
The city of Milwaukee is actually open to that kind of redevelopment because self-storage facilities are big business in the US.