SSHH

SSHH

Self Storage Helensvale Holdings (SSHH) is a private, wholesale Australian investment trust established by USSFM in 2013, to develop a state of the art purpose built storage centre on the Gold Coast.

Storage King Helensvale (SKH) was awarded the Storage King Facility of the Year in 2016 and was a finalist in the Best Facility Awards by the Self Storage Association of Australia in the same year.

SSHH then developed Storage King Coomera (SKC) in 2018 and traded up the centre to full occupancy before exiting both investments via a sale to Abacus in 2021.

Fund Overview

USSFM established SSHH to develop SKH and SKC on behalf of private syndicate of investors. Both centres were managed by Storage King.

Project Value

USSFM raised the equity and debt for SKH, with the project leveraged at approximately 50%. The impressive trading performance of SKH and subsequent revaluation, enabled SSHH to fund the development of SKC via debt. SKH and SKC were sold for a combined value of $41 million.

Market Opportunity

  1. Great location with high visibility from the M1 highway
  2. Undersupply of self storage centres in the northern catchment of the Gold Coast
  3. Capitalise on the attractive storage rates being achieved in the Gold Coast catchment

Strategy

  1. Partnering with an industry leading operator in Storage King
  2. Develop the centre with a focus on reducing operational costs, improving customer experience and implementing state-of-the-art design features.
  3. Actively manage the operational and investment performance of both SKH and SKC

Portfolio

SKH

  • Traded up to sustainable occupancy after only 14 months trading
  • Approximately 5,700 sqm of NLA
  • Direct visibility from the M1 Highway
  • Large, high quality reception and retail area
  • Large internal driveways with high speed lifts

 

 

SKC

  • Traded up to sustainable occupancy within 24 months
  • Approximately 5,700 sqm of NLA
  • Large internal driveways with high speed lifts
  • Secondary building features 10 large units with drive up access
  • Solar powered

Outcomes

  1. Equity IRR of 31%
  2. Invested equity multiple of 6.4x