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Big Yellow Self Storage Releases Financial Results for the Six Months Ended Sept. 30

Article-Big Yellow Self Storage Releases Financial Results for the Six Months Ended Sept. 30

U.K. self-storage operator Big Yellow Group PLC released operating-performance results for the first six months of its 2016 fiscal year, which ended Sept. 30. The company reported revenue of £50.2 million for the period, up 26 percent from a year ago. Excluding the company’s 12 partnership facilities, revenue was £43.2 million for the period, a 9 percent increase.

Occupancy across the company’s portfolio of 70 locations closed at 76.7 percent for the period compared to 73.2 percent the previous year. Move-ins across all facilities were essentially even year over year, with a net gain of 3,253. Same-store occupancy was 77.3 percent, up from 73.5 percent a year ago. Same-store net rent per square foot was £25.79, a 3.5 percent increase from the same period a year ago.

“As we have stated previously, we make no attempt to judge economic or asset cycles. We believe Big Yellow is well-placed to withstand future headwinds, given the security of our capital structure and market leading brand,” said Nicholas Vetch, executive chairman. “As the Big Yellow portfolio is approaching 80 percent [average occupancy], we remain relentlessly focused on occupancy gain at this stage; but in addition, we have intensified our efforts to develop new capacity.”

Big Yellow acquired two self-storage properties during the period in Camberwell and Kings Cross, England. The company intends to develop a new facility in Camberwell comprising 55,000 to 60,000 square feet. The Kings Cross project is on a 1-acre site and will comprise 85,000 to 90,000 square feet.

“Our principal capital allocation and property strategy has always been to target London and the Southeast, where there is population growth, scarcity of available development land, increasing pressure for housing and densification,” Vetch said. “This results in a compelling investment proposition, particularly in London and the Southeast, which represents 80 percent of our business by revenue. In the longer term, as awareness grows and these factors intensify, demand from business and domestic customers in our big cities is likely to outstrip the available supply of self-storage. Big Yellow is well-positioned to enjoy both the benefits of scarcity and exploit any new opportunities."

The company declared an interim dividend of 12.1 pence per share, a 16 percent increase from the same period last year.

Big Yellow Group operates 84 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names, with most concentrated in Greater London. Its total portfolio comprises 5.1 million square feet.

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Woman Runs Over Ex-Husband's Foot at Manatee County, FL, Self-Storage Facility

Article-Woman Runs Over Ex-Husband's Foot at Manatee County, FL, Self-Storage Facility

A 45-year-old woman has been charged with domestic battery after allegedly running over her ex-husband’s foot on Nov. 14 at an unidentified self-storage facility in Manatee County, Fla. Wendy Luper had gone to the facility with the victim to retrieve some of his belongings when the reconciled couple had an argument about having sex in the storage unit, according to the sheriff’s office.

The couple was married for 12 years before divorcing. They got back together in the last six months, according to the source. While parked in the rear of the facility on 14th Street W., Luper reportedly undressed and asked the victim if he wanted to have sex, sheriff’s deputies said in an arrest report. When the victim told Luper to lay down, she refused.

As the couple argued about sexual positions, the man walked away to “avoid an altercation,” the source reported. When he returned, Luper was parked at the front of the property. She told her ex-husband to remove his belongings from her vehicle and refused to give him a ride, investigators said. As the man began to collect his things, Luper allegedly threw an object at him, hitting him in the head and causing him to fall backward. As the victim continued to retrieve items from the car, Luper allegedly accelerated the vehicle, driving over the man’s right foot.

When deputies arrived at the scene, the man was bleeding from his head, and his foot was swelling and becoming discolored, according to deputies. The victim denied medical treatment.

Luper didn’t sustain any injuries during the incident. She has denied the allegations but was unable to explain her ex-husband’s injuries. She told investigators he wanted to have sex with her. She was released from county jail on $750 bond.

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Westy Self Storage Supports Children's Theater in Wilton, CT

Article-Westy Self Storage Supports Children's Theater in Wilton, CT

Westy Self Storage of Wilton, Conn., has donated free use of a storage unit to the Wilton Children’s Theater (WCT), which produces four plays each year. The group will use the space to build the set for its upcoming production of “The Wizard of Oz,” to be performed Nov. 20-22, according to the source.

“Westy solved a major obstacle for us by providing us with a place to create platforms and pieces for our set. We couldn’t ask for a more clean, secure location,” said Jessica Carney DeLuca, the theater’s chair.

The play will include 55 children. “We also have a very dedicated team of professionals and parents ready to build a wonderful set,” DeLuca said.

“We are pleased to extend our storage space for such a deserving cause,” added Shawn Thompson, assistant district director of Westy’s Wilton property.

Founded in 1976 with the support of the Wilton Playshop, WCT is an independent, not-for-profit 501c3 organization that helps children develop acting skills, stage presence and self-esteem. Founded in 1990, Westy Self Storage is headquartered in Stamford, Conn. It operates four facilities in Connecticut, three in New Jersey and seven in New York.

 

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Storage Giant Deploys Puppet Dr. Love to Give Self-Storage Advice to Troubled Daters

Video-Storage Giant Deploys Puppet Dr. Love to Give Self-Storage Advice to Troubled Daters

In another offbeat commercial from Wales-based self-storage operator Storage Giant, the company deploys a puppet called Dr. Love to explain how self-storage can be a solution for lovers whose significant others just won’t get the hint to move out.

StorageBlue Owner Could Convert Bowling Alley to Self-Storage in Elmwood Park, NJ

Article-StorageBlue Owner Could Convert Bowling Alley to Self-Storage in Elmwood Park, NJ

Update 11/17/15 – A federal bankruptcy judge has ruled in favor of allowing MCD Sports to buy Parkway Lanes from its landlord for $3 million and then sell the property to The Alan Mruvka Co. for $3.875 million. The move will allow MCD Sports to use the profit to pay its creditors and enable Mruvka-owned StorageBlue to pursue converting the building into a self-storage facility, according to the source.

The ruling was made by judge Rosemary Gambardella in U.S. District Bankruptcy Court in Newark, N.J. Property owner JCB Realty had initially opposed the sale, citing a loophole in the sale agreement that would have allowed Mruvka to back out of the deal, but withdrew its objection after the court ruled the property would return to JCB at midnight on May 2 if the transaction isn’t completed by the deadline. The sale to Mruvka is expected to close on May 2, the source reported.

The deadline of the sales transaction will enable the bowling alley to stay open until May. About one-third of New Jersey’s bowling alleys closed between 1998 and 2013, according to the source.


10/15/15 – StorageBlue LLC, a New Jersey-based self-storage operator, may convert a bowling alley in Elmwood Park, N.J., into a self-storage facility. Company owner Alan Mruvka, who co-founded E! Entertainment Television, has offered to purchase the building at 200 U.S.-46 that’s currently home to Parkway Lanes to help business owner MCD Sports LLC get out of bankruptcy, according to the source.

Under a proposal filed on Sept. 15 in U.S. District Bankruptcy Court in Newark, N.J., MCD Sports would exercise an option in its lease to purchase the 50-year-old building from landlord JCB Realty for $3 million, the source reported. The Alan Mruvka Co. would pay MCD $3.8 million to purchase the property, enabling MCD to pay off its debts. MCD would then lease the property from Mruvka’s company until its lease expires on March 31. The court papers didn’t say what would happen after the lease expires.

JCB Realty opposes the plan and the possibility of turning the building into a self-storage facility. It has urged the court to reject the sale, calling it a “disruption of services to the debtor's customers and the more than 1,000 bowlers that participate in the leagues in Parkway Lanes,” according to court papers. “The debtor believe that an orderly auction sale of the property will yield an outstanding and prompt conclusion in this matter."

The court set an Oct. 15 deadline to allow any other parties interested in buying the property to file bids.

JCB claims the purchase structure violates the sale procedure outlined in the lease. It has until Oct. 22 to outline its objections for the court, the source reported. "As the landlord, we have certain objections, which will be filed with the court and will be vigorously argued by us," said Richard Honig, the attorney representing JCB Realty.

When MCD filed for bankruptcy in July, it said it would keep the bowling alley open for business. Claims against the company total about $600,000, the source reported. MCD has made monthly payments of $335,000 to keep its option to purchase the building open, and the funds can be applied to the acquisition price. Once MCD pays the remaining $2.6 million to acquire the property and has sold it to Mruvka, it will have about $1.2 million to settle its debts. Any surplus would be directed to the company’s principals, according to court papers.

MCD hired two real estate brokers over the past two years to attract buyers for the property before it filed for bankruptcy. Although the parcel covers 3.5 acres, the entrance is only about 30 feet wide, making it difficult for entry, according to one of the brokers, Neal Patel, a partner with Ace Hotel Brokers. This limited the number of buyers, but makes the property suitable for a self-storage facility, he told a source.

Howard Koval, a broker with TJ Gustenhoven Real Estate Inc. told the source he may have found a buyer who’ll submit a bid by the deadline. The potential buyer would use the property for a “sports-related” business, but not a bowling alley.

The court will hear objections to the purchase plan at an Oct. 29 hearing as well as confirm the successful, eligible bidder if the sale moves forward.

StorageBlue launched in April with four self-storage properties in the New Jersey communities of Hoboken, Jersey City, Newark and Union City. Last summer, it refinanced its portfolio by securing a $31.25 million loan to help fund its plans for national expansion. The company also launched a Web-based television channel on YouTube called StorageBlueTV that features a variety of shows related to self-storage, celebrities, do-it-yourself home projects and flea markets.

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Self-Storage Facility and Microbrewery Approved in Fort Collins, CO

Article-Self-Storage Facility and Microbrewery Approved in Fort Collins, CO

Update 11/17/15 – Fort Collins Self-Storage won unanimous approval from the planning and zoning board last week, clearing way for the company’s Lemay Avenue Brewery & Self-Storage Facility project. The seven-building storage facility will comprise 103,000 square feet in about 700 units. One 45-foot structure will include three stories and climate-controlled units. The developer plans to break ground on both businesses next March, according to the source.

The microbrewery will comprise 7,219 square feet. Earlier reports said it would be 5,500 square feet. Another company will run the brewery, but a brewer has not yet been selected, according to Scott.

Self-storage development in the Fort Collins area has heated up in recent months, Scott told the source, but he believes he’s in front of the wave. “At some point the market will be overbuilt. I think that’s always a concern,” he said. “If I began pursuing this project today, knowing how many people are now looking at Fort Collins with regard to self-storage, I might well step back and reconsider. However, I think our timing is good and our product is excellent.”


6/18/15 – Residents who live near Lemay Avenue voiced concerns during a public meeting this week about possible increased traffic that could result from the planned Fort Collins Self-Storage facility and microbrewery. Residents said they already find it difficult to turn onto Lemay from their neighborhoods due to existing congestion and a lack of traffic signals in the area, and fear the problem will worsen, according to the source.

Residents who live near Lemay Avenue voiced concerns during a public meeting this week about possible increased traffic that could result from the planned Fort Collins Self-Storage facility and microbrewery. Residents said they already find it difficult to turn onto Lemay from their neighborhoods due to existing congestion and a lack of traffic signals in the area, and fear the problem will worsen, according to the source.

The project, which could break ground early next year, won’t add significantly to the current traffic congestion, according to Ken Merritt, director of planning for JR Engineering, who spoke on behalf of the developers. "The [traffic] problem already exists. This project shouldn't have the responsibility of solving a very bad situation that exists today," Merritt told city officials. "I don't disagree that it should participate. What the city has to determine is to what extent does [Fort Collin Self-Storage] participate."

Traffic impact from a project being developed a half-mile south of the self-storage facility by aerospace and energy firm Woodward Inc. has also drawn the ire of residents. "It's going to get worse with Woodward," resident Sarah Yoder told city officials. "I feel like I come to these meetings, and it's just continually frustrating because [traffic] is getting worse and accidents are happening. It's dangerous for us to leave our neighborhood. It's dangerous for me to cross the street on my bike."

The city plans to improve traffic along Lemay Avenue by constructing a new arterial road and intersection to the east of the street. The realignment could possibly include a railroad overpass and underpass near East Vine Drive, according to the source.

Merritt told officials the self-storage developers plan to improve the walkway adjacent to the property on Lemay but have no plans to improve the road or add a traffic signal. Access to the development site will be restricted to Buckingham Street, for which the developers have proposed improvements, the source reported. Plans include bike-lane markers, upgrades to the gutter adjacent to the property and eight parking spaces along the street.

Adjusted project plans include 33 additional parking spaces for the microbrewery, with 5.25 acres reserved for the self-storage facility, Merritt said. The developers plan to submit its proposal for review as early as next month, the source reported.


2/9/15 – Self-storage developer Stan Scott recently purchased 6.5 acres at the corner of Lemay Avenue and Buckingham Street in Fort Collins, Colo., on which he intends to build a storage facility and microbrewery. Scott filed a conceptual review plan with the city last September. The Fort Collins Self-Storage LLC project is estimated at $6 million and could begin in six to eight months, according to the source.

Scott’s plan is to develop an 80,000- to 100,000-square-foot storage business alongside a 5,500-square-foot microbrewery and taproom. Half of the storage facility would include drive-up units, with the remainder designated as climate-controlled space. The brewery would be equipped with a 20-barrel system, the source reported. One barrel is equal to 31 gallons.

Local design firm RB+B Architects Inc. will design the microbrewery, according to the source. Fort Collin is home to several craft breweries including the New Belgium Brewing Co. and Odell Brewing Co.

"Our brewery won't be for the new brewer just coming out of their basement, but for the aspirational brewer that wants to move to the next step beyond the typical three-barrel brewery that is common in the industry," Scott told the source.

While self-storage and beer may seem like an odd pairing, a similar concept has been successful in the Lowry area of Denver. Larimer Associates, a real estate investment and management firm, converted an old airplane hangar into a storage facility, and the Hangar 2 development also features a beer garden. The self-storage facility is solar-powered and managed by real estate investment trust Extra Space Storage Inc.

The targeted Fort Collins property is currently zoned for industrial use, which Scott believes makes it a good location for a brewery. The business will fit in with other employers in the area like Colorado State University, New Belgium, Poudre Valley Hospital and OtterBox, a manufacturer of cases for mobile devices. “We feel confident about the future of Fort Collins, and we’re proud to be a part of its continued development," he said.

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U-Haul Converts Abandoned Manufacturing Plant to Self-Storage in Windsor, Ontario, Canada

Article-U-Haul Converts Abandoned Manufacturing Plant to Self-Storage in Windsor, Ontario, Canada

Phoenix-based U-Haul International Inc. is converting an abandoned manufacturing plant in Windsor, Ontario, Canada, into a self-storage facility. U-Haul Moving & Storage of Forest Glade at 9082 Tecumseh Road E. currently offers truck and trailer rentals, and moving and packing supplies. Renovations are underway on the 128,240-square-foot building to add about 1,000 interior and drive-up storage units. A U-Box portable-storage warehouse and containers will also be added.

The 11-acre property has been empty for 20 years following the closure of the Windsor Bumper Manufacturing Plant. The city assumed ownership of the site in 2009 and sought a developer to help clean up and redevelop it, according to the city’s website. A 2014 fire caused further damage. The city is using grant money to aid U-Haul in the cleanup efforts, the source reported. The property is on an arterial road surrounded by a mix of commercial, residential and industrial properties.

“This investment is great news for the city. The cleanup and visual improvements to the site is welcomed news to this area of the city,” said Mayor Drew Dilkens.

“This has been an eyesore for years, but when we are finished, it will be amazing,” added David Anstett, president of U-Haul Co. of Western Ontario. “We are rebuilding a spot where so many people worked in the past, and I am proud of this growing tie with the community.”

Established in 1945, U-Haul International has more than 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.

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Mastering Your Domain: Practical Tips to Improve Your Self-Storage Management Skills

Article-Mastering Your Domain: Practical Tips to Improve Your Self-Storage Management Skills

It’s not easy to master all of the skills you need to run a highly successful self-storage property. Facility managers must wear a number of hats on a daily (if not hourly) basis, but almost no one is equipped with a complete skillset to tackle all the tasks for which they’re responsible when first hired into the position.

Many of the skills necessary aren’t innate qualities, so how do self-storage managers obtain the knowledge to perform proficiently, especially when confronted with tasks with which they’re uncomfortable or inexperienced? Let’s explore some practical ways to improve your management skills.

Reading Is Fundamental

One of the first things I would suggest is to read voraciously, as if you’re starving for any knowledge you can absorb. Reading is free, and there are many great industry resources from which you can glean helpful information.

As you’re reading, make note of the authors who resonate with you, and find more materials they’ve written. When I’m reading an article and realize I’m nodding in agreement, I’ll pick up the phone and call the author or send an e-mail of acknowledgement and make a personal connection. This is similar to the meet-and-greets you attend at chamber of commerce functions or other community events; it’s just a different avenue for making a useful connection.

Get Schooled

Also consider going to school. While you don’t need to seek a graduate degree, don’t be afraid to enroll in community-college or adult-education courses. Consider classes covering topics that may provide peripheral skills you’ll need to do your job, such as marketing. There are also online courses available from a variety of sources including the Small Business Administration.

Keep your brain engaged by feeding it information and knowledge. As you build your skillset, apply what you’ve learned back to job functions and customer engagement.

Mentorships

Another way to improve your management skills is to find a mentor. One option is SCORE (previously known as the Service Corps of Retired Executives), a nonprofit association that offers business tools, education, mentoring and workshops through 320 chapters nationwide. Also consider joining organizations or service clubs where you’ll meet people who possess the skills you want to learn.

For example, ask to shadow your favorite marketing person to get a better idea how to implement and track promotions. If you’re looking to boost your organizational skills, find someone you admire, such as an accountant, home stager or meticulous mechanic, and emulate his neat and efficient processes.

Professional Affiliations

There are many industry associations and related events that can help you boost your proficiency as a manager. While I encourage everyone to attend at least one conference and tradeshow annually, a storage-specific event isn’t the only avenue to increase your skills. Organizations such as Dale Carnegie Training, Toastmasters and other business schools host an abundance of events. Think outside the box to acquire skills that’ll help you handle different scenarios likely to come your way while on the job.

Specific Skills

While all of these avenues should provide outlets to help you become a well-rounded manager, there are some specific skills every manager should work on to improve his job performance:

Communication and listening. The most critical skill you can hone is effective communication. This involves two parties interacting and actually conversing, and requires you to be adept at the second most crucial skill you can develop: listening.

When you listen, you learn; and we all know knowledge is power. Listen to your customers, co-workers and superiors. Hear what they’re saying. Don’t focus on what you’re going to say—listen. This is a great place to start improving your management skills. If you can listen effectively, you can learn and adjust appropriately to any situation.

Organization. A good self-storage manager is also well-organized. Just about anything you can think of related to the position—customer accounts, maintenance projects, marketing, the office, payroll, the physical property and reports—is much easier to deal with if it’s well-ordered and easy to access.

Leadership. To be an effective leader, you must know all the parts you want others to play in your world. If you want to hire a great janitorial person, know what tools are needed for the job, how long tasks take and what’s involved. Good managers never asks subordinates to perform tasks they’re not willing to do (and have done) themselves. Be willing to step up and fill in should the need arise. Co-workers appreciate managers who roll up their sleeves and work side by side with them more than those who sit high atop a self-erected pedestal.

Empathy and compassion. Facility managers who develop these sentiments for their teammates tend to be successful at increasing loyalty and trust. We’re all human and prone to fail at times. Learn to recognize when an employee needs a little something extra from you.

Teamwork. As the cliché says, there’s no “I” in team. Train yourself and your staff to work in tandem, not as loners. Similarly, there’s truth to the adage that “misery loves company.” An unpleasant task is handled more efficiently with someone to share the burden. At any given self-storage property, many unseemly tasks are made more bearable when someone works with you to accomplish them.

Number knowledge. To be an effective manager, you must understand the business status of your facility and learn how to read the various reports available through your management software. Take a financial course if you need to, but understanding accounting principles, budgeting, economic occupancy, property value and other metrics, as well as how they interrelate, is important to success. It can actually be quite fascinating once you get over any fears you may have.

No matter what, keep learning by any means possible. Whether you take a creative approach or curl up with a book, keep your gray matter sharp and make skill improvement part of your growth process. Remember, the more often you do something, the more comfortable and natural it becomes. There are so many ways to train, learn and grow, but you must take that first step.

Gina Six Kudo is general manager of Cochrane Road Self Storage in Morgan Hill, Calif. She has more than 16 years of self-storage experience, and a strong customer-service and sales background. She’s also a moderator on Self-Storage Talk, the industry's largest online community. For more information, visit www.cochranestorage.com.

Mamaroneck Self Storage of New York to Host Workshop Series Promoting Energy Efficiency

Article-Mamaroneck Self Storage of New York to Host Workshop Series Promoting Energy Efficiency

Mamaroneck Self Storage will host a series of Saturday workshops beginning Nov. 21 designed to help local residents become more environmentally responsible and make their homes more energy-efficient. The four-part “Building Blocks for an Energy-Efficient Home" series will be held at the self-storage facility, 426 Waverly Ave., in Mamaroneck, N.Y. The one-hour sessions will begin at 10 a.m. and are free to the public, according to a press release.

The first workshop, “Green Home 101: (Surprisingly) Easy Steps for Greening Your Home,” will be held this Saturday. The session will be presented by Judy Martin, founder and principal of Green Home Consulting LLC, a consulting firm that works with architects, builders and homeowners during the construction process to incorporate environmentally sensitive solutions.

The second workshop, “More Insulation for a More Comfortable, Energy Efficient Home (But How?),” will be held on Dec. 5. The presenter will be Chris Puleo, an energy specialist with Envirocare LLC, an environmental-remediation company that offers air-quality and insulation solutions for homeowners.

“LED Lighting for Your Home: Why Stay in the Dark Any Longer?” will be held on Dec. 12. Presenter Paul Fehling is a representative from home-furnishings provider Klaffs and has more than 20 years of experience in the lighting industry as a manufacturer representative and showroom-sales specialist.

The final workshop will be held on Dec. 19. “Solar Shingles/Solar Panels: What's Best for My Home?” will be presented by Adam Sollner, a field-operations, installation and specifications expert with DOW Powerhouse Solar Shingles.

The recently opened self-storage facility features a number of green initiatives, including the DOW solar shingles, which combine roof shingles with a solar-panel system.

The series will be hosted by Michael Murphy, director of new project development at Murphy Brothers Contracting, which developed and owns Mamaroneck Self Storage. Each workshop will be videotaped for cable television, according to the release. Series sponsors are Coughlin Insurance Services, Envirocare and J.P. McHale Pest Management Inc.

Web Startup Spacer Launches Peer-to-Peer Self-Storage Marketplace in Australia

Article-Web Startup Spacer Launches Peer-to-Peer Self-Storage Marketplace in Australia

Update 11/16/15 – Spacer has completed its trial phase and is officially open for business. The peer-to-peer self-storage marketplace is continuing to negotiate with Australian municipalities and commercial-property owners to stir up interest and increase storage listings.

"Through Spacer we seek to better utilize unused space assets that exist in our community, while providing space sharers, or hosts, with additional income, and space renters with more affordable and convenient storage in their neighborhood," Rosenbaum said in a press release. “We are currently in discussions with Warringah, Manly, Marrickville and Kuring-Gai councils about partnerships to support their local community needs, as well as a number of sporting clubs and industrial real estate providers to secure listings of large commercial properties on the platform to support users that have bigger storage needs."

Company officials believe they can exploit a rising need for boat and RV storage. Boat ownership in Australia is growing 4 percent per year, while RV ownership is increasing at a 5 percent annual rate, Rosenbaum said.

Bolstered by the $1 million it raised from angel and private investors, Spacer is already looking to expand its services to other spaces including commercial, farmland and other venues. Officials intend to also expand the company internationally, the release stated. “Our vision is to build the No. 1 marketplace for space,” Rosenbaum said. “While currently our focus is a peer-to-peer offer, there is great potential to take this into new categories and markets."


10/13/15 – Spacer.com.au Pty. Ltd., a peer-to-peer self-storage marketplace, has launched in Australia. The startup enables people in need of storage to find available space in their local area from businesses and homeowners. All rental payments are made through Spacer, which collects a 15 percent commission, according to a source.

Founders Mike Rosenbaum and Roland Tam compare the Spacer storage experience with AirBNB and other popular, peer-to-peer platforms that are part of what’s known as the “sharing economy,” a method of using social media or online tools and technology to match buyers with consumers seeking goods and services such as room rentals, errand running, vehicle loaners and self-storage.

“In an ever competitive and expensive world in which spare rooms, idle assets or car rides are being shared for cash, spare household areas are an overlooked yet very valuable resource,” according to a statement on the Spacer website. “Spare space is something many of us have (without even knowing it), and many others (often our neighbors) also need.”

Homeowners and businesses interested in renting out space can create a listing that includes photos and a description of the area for rent. They may assign rules stipulating when renters can access their goods and place limitations on what may be stored beyond a listing of banned items provided by Spacer. When someone makes a storage-booking request, the space owner can review the application and discuss details and concerns with the renter before confirming.

All hosts and renters are subject to a third-party vetting process to verify identity through social media, credit checks and security agencies, according to the company website. Spacer also carries indemnity insurance to cover public liabilities and issues a “Property and Goods Guarantee,” which insures property up to $5,000 in case of damage or theft.

Spacer recently raised $1 million from angel and private investors, which the company will use to market the brand and build listings during the next year, according to Rosenbaum. The company amassed about 50 listings in the last month during a trial phase, a source reported.

Spacer is negotiating with municipalities and commercial property owners to stir up interest and increase storage listings. One target area is boat/RV storage. “Many councils are looking at ways to get boats, caravans and other large items, such as trailers, off the streets to reduce congestion within local communities,” Rosenbaum told a source. “We are currently in discussions with a number of councils about partnerships to support their local community needs, as well as a number of sporting clubs and industrial real estate providers to secure listings of under utilized commercial properties on the platform.”

Rosenbaum believes cheaper alternatives to traditional self-storage could create a $3 billion industry in Australia, a source reported. Suggested monthly rental rates for those who offer storage through Spacer are $150 to $250 for attics, backyards, bedrooms and driveways, and $200 to $350 for garage space, according to the company website.

“Space is the new tradable commodity in the sharing economy, which is not surprising given the high-density living in Australia’s capital cities,” Rosenbaum said. The entrepreneur serves as CEO and has experience building tech startups, including DealsDirect, an online shopping website. Some investors who backed DealsDirect have also invested in Spacer, Rosenbaum told a source.

Co-founder Tam serves as non-executive director. He’s a former venture capitalist who also works as a strategist for Cover-More Group Ltd., a travel-insurance provider, according to a source.

The startup is similar to peer-to-peer storage websites RovingBox.com and StowThat.com, which launched in the United States in 2013.

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