Central Storage is comprised of 135,680 rentable square feet on approximately 7.9 acres of land. The facility offers a wide-range of storage options with 327 non-climate-controlled units ranging from 100 square feet to 5,670 square feet. The subject has solid physical and economic occupancies of 89 percent and 80 percent and has operated at capacity or near capacity for several years with vacant units occupied by management. Central Storage is the country’s premier storage option; the site caters to personal and small business storage needs, including the Turks and Caicos Fire Department. Additionally, there is room for restructuring and expansion to accommodate the diverse consumer base. The property has been constructed in phases since 1993 by its current owner and presently offers the most self-storage amenities of the island’s facilities, all of which are stabilized and fully-occupied..
The facility is situated in the heart of Providenciales and is within minutes of the all the internationally-renowned amenities of the Turks and Caicos Islands. The site is within 0.2 miles of Providenciales International Airport and offers impeccable access to several major resorts, Five Cays Settlements, Cooper Jack Bay Settlement and Grace Bay Beach; one the most popular destinations in the Caribbean. Residing in a major commercial corridor of the island, the Leeward/Millennium Highway is within 0.4 miles of the site for ease of access and visibility. The Turks and Caicos Islands boast a prestigious reputation as one the premier resort destinations in the world; over one million tourists visit the country on an annual basis, which represents a 58 percent increase from the 2001 census. Central Storage has established a major footprint in this unrivaled location and will continue to thrive as the main storage provider for the Turks and Caicos Islands.
Central Storage represents a well-maintained asset with multiple upsides in an undersupplied market. Advantageously, there is no income tax, capital gains tax, property tax, inheritance tax or corporation tax in the Turks and Caicos Islands. The site can benefit from implementing professional management to bolster revenue; Central Storage has been locally-managed since 1993. An investor can raise rental rates to capitalize on the subject’s excellent reputation as the premier storage provider; the facility has only experienced minimal rent increases. Furthermore, the property could further increase income through the implementation of a tenant insurance program and expansion in its southwest vicinity. Overall, a buyer has the once-in-a-lifetime opportunity to pioneer the primary storage option in an oasis like no other in the Caribbean with exceptional value.