Bermuda Self-Storage Facility Expands, Reports Growing Demand

A Bermuda self-storage facility recently added a level and 84 units to its location, citing growing demand for self-storage on the island.

Island Self Storage, located on the Mill Reach Properties site in Pembroke Parish, opened its new level of 5-by-5 and 10-by-10 spaces on March 14. Operators Don Mackenzie and Glen Smith said potential renters have been waiting for space since July 2010 when the facility opened. They claim the facility is the first in Bermuda, and reached 90 percent occupancy six months after opening, surpassing the U.S. industry average of 18 months to two years to reach 80 percent.

Island Self Storage now has 381 units, including 20 designated for wine storage. Other features include parking spaces for 47 cars and 42 bicycles, as well as a security system with cameras, lighting, and 24/7 access. The climate-controlled facility sits on less than an acre and provides floor dehumidification and emergency power backup.

The facility's parent company, New Venture Holdings Ltd., has its offices within the four-story building. New Venture is also planning to add rentable office space, called Suite Solutions, to its portfolio.