Central Storage Turks & Caicos

Central Storage Turks & Caicos2020-03-13T12:48:11-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield, along with Sotheby’s International, has been selected to exclusively market for sale Central Storage in the Turks and Caicos.

NRSF – 135,880

45 Universal Road
Cooper Jack Bay Settlement TKCA 1ZZ
Turks & Caicos Islands

Central Storage is comprised of 135,880 rentable square feet on approximately 7.9 acres of land. The facility offers a wide-range of storage options with 328 non-climate-controlled units ranging from 100 square feet to 5,670 square feet. The subject has excellent physical and economic occupancies of 96.0 percent and 90.6 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.

Investment Highlights:

  • Unique Opportunity to Acquire the Premier Self Storage Facility in the Resort Destination of the Turks and Caicos Islands
  • No Income Tax, Capital Gains Tax, Property Tax, Inheritance Tax or Corporation Tax in the Turks and Caicos Islands
  • High Physical Occupancy of 96.0 Percent with Vacant Units Occupied by Management
  • Facility Historically Operates At or Near Maximum Capacity
  • Implement Professional Management to Increase Efficiency and Revenue; the Site has been Locally-Managed Since 1993
  • Diverse Unit Sizes with Significant Room for Restructuring and Expansion
  • Capitalize on the Subject’s Exemplary Reputation by Raising Rental Rates; the Site has Only Experienced Minimal Rate Increases
  • Within Minutes of Providenciales International Airport, Several Luxury Resorts Including the Ritz Carlton Undergoing Construction and the Affluent Grace Bay, One of the Most Desirable Beaches in the Caribbean
  • Forward-Looking Financials Including a Year One Cash-on-Cash Return of 12.2 Percent
  • Strong Traffic Counts on State Highway 86 of 28,500+ Vehicles Per Day
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Central Storage.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.