Pender Construction Progress
We are pleased provide you with an update on our NationWide Self Storage (NWSS-I) property located at 1223 E Pender St., Vancouver BC (the Pender Property).
Throughout the year we have seen continued progress on our Pender Property, and we are pleased to report that we are now ‘almost’ there.
As previously reported in our November 2018 update, we have experienced some frustrating delays in this project; starting with the delay in the issuance of our building permit from the City of Vancouver (COV) due to amendments to their building bylaws and continued shortages in steel and construction workers.
This spring we have also experienced continued delays in the hands of the COV with approval of our sprinkler system and delays with BC Hydro.
BC Hydro must complete the transfer of previously moved powerlines on the north face of the building before power can be supplied the facility. We cannot receive occupancy without power to the facility and unfortunately Hydro cannot give us a hard completion date on this nor can we complete the building and install the lockers without the sprinkler permit. We are pressing both the COV and BC Hydro daily for both of these issues.
This said, our project managers at BTY are involved in approximately 200 development projects across Vancouver’s Lower Mainland and assure us that these delays and shortage in workers is something all construction projects are experiencing at this time and that ours is progressing well in comparison to others.
Until we get the COV approval on our sprinkler permit we cannot provide a hard completion date. In the meantime, we can tell you that the project is on budget and we do anticipate completion including an occupancy permit before year-end.
Building Valuation Update
In December 2018, Canadian Self Storage Valuation Services Inc. (CSSVS) provided an updated property appraisal on an ‘As Proposed Basis’ (the “As-Proposed Appraisal). As per this As-Proposed Appraisal, if the self storage building was completed and fully occupied with industry normal rental rates (as well as other assumptions) the ‘As Proposed’ value of the Development Property would be approximately $32,350,000 as at December 31, 2018.1, 2 This represents a stabilized property value increase of $3,350,000 since March 2018.
Neighbourhood Rezoning
While we await the open of our facility, we have had news that the City is considering a rezoning application for the property next door to us at 1220 – 1298 Hastings Street from Industrial (M01) District to Comprehensive Development (CD-1) to allow for the development of two 11-storey buildings and one 8-storey building for mixed residential and commercial use.
This is welcome news. There are also several other similar applications in at the COV for similar developments in our area.
New Operations Directors
NationWide is very pleased to announce that we have engaged two highly experienced Operations Directors with over 25 combined years direct self storage and auto wash experience to lead NationWide’s Operations Management team to oversee the day-to-day operations of the NationWide self storage and auto wash facilities.
Mr. Ayaaz Jamal and Mr. Chedwick Schultz bring a wealth of experience to the development of our self storage facilities and have been working closely with the construction committee and BTY to keep this project on budget and ensure approvals are expedited as quickly as possible.
Ayaaz Jamal
Operations Director, Auto Wash Division
Focused on the design, development and overall management of NationWide’s state-of-the-art express auto wash and auto detailing facilities on NationWide properties. Responsible for operational efficiency of the auto wash terminals and staff efficiency training to ensure terminals are used at maximum capacity.
Chedwick Schultz
Operations Director, Self Storage Division
Focused on the design, development and overall management of NationWide’s modern self storage facilities and customer storefront and merchandising.
Responsible for staffing and training to ensure maximum occupancy, revenue and security are maintained at each facility.
Don’t Miss Our Updates!
We are pleased to announce that we have launched a new Pender Property Overview page on our website where you will find all relevant project details, the latest investor updates and our latest architectural drawings and building pictures.
Email info@nationwideselfstorage.ca to be added to our email list and be sure to add our email address to your contacts so you don’t miss an update.
- A complete description, summary and analysis leading to the conclusion of appraised value is included in the full CSSVS Appraisal and is available upon request.
- Does not include targeted annual cash distributions paid to investors once the property achieves a reasonable level of occupancy or any debt financing that may be required to complete construction or any debt financing utilized through refinancing strategies (to return capital to investors) once at mature occupancy. The property is currently under construction and anticipated to be completed in approximately Q3/Q4 2019.
This information is general in nature and does not constitute an offer to sell or an advertisement, solicitation, or recommendation to buy securities. Nothing on these pages constitutes investment, legal or tax advice, nor was it prepared in consideration of the investment objectives, financial situation, particular needs of any specific recipient. There can be no assurance that investments will perform as or be of the quality anticipated. There are risks associated with any investment.