Turning self-storage solutions into an art form

With the demand for self-storage growing year on year, Store4U is addressing this need in today’s changing living landscape. Founder Paul Gilmartin, a seasoned entrepreneur with a strong financial background, recognised the need for convenient storage solutions as living spaces shrink and multi-generational living becomes more common.

In the face of compact living conditions and the rise of smaller homes, self-storage has become essential for individuals and families across the nation. Store4U capitalises on this demand, offering secure and accessible storage options.

With the proliferation of remote work and an increasing number of people working from home, the need for offsite storage has only intensified during and after the pandemic.

The self-storage market in the US alone is valued at $2.3 billion, with most facilities operating at impressive occupancy rates of 80 to 90 per cent. In Europe, approximately 5,200 facilities provide self-storage solutions, occupying a vast 11 million square metres of space.

Paul Gilmartin’s entrepreneurial journey began in 1997 when he founded an insulation business in Ireland. Starting small, he grew the business substantially, achieving an annual turnover of €7.5 million and employing 120 individuals.

Despite facing economic challenges during the recession in the ’00s, the company thrived through strategic contracts with government initiatives and energy efficiency programs. Gilmartin’s expertise and experience in business finance and marketing equipped him to identify market gaps and transform innovative ideas into successful ventures.

In 2018, Gilmartin established Store4U in Galway, offering a unique and streamlined self-storage experience. The company quickly expanded to locations in Dublin, Limerick, Drogheda, and a second site in Galway. Utilising advanced technology, Store4U operates with minimal staffing, relying on apps and electronic surveillance to ensure efficient customer service and secure storage facilities.

Store4U’s simple and efficient business model leverages digital platforms for advertising and electronic payments, providing customers with convenient access using unique PIN codes, registration plate reading, and 24-hour CCTV surveillance.

Its storage unit plans cover both short and long-term self-storage solutions, with a minimum of 28 days’ booking, keeping it accessible and affordable.

Its services are geared towards personal use, businesses and tradespeople. In the short term, it can be a helping hand for those having to move home, renovating or whose current accommodation isn’t large enough to store all their belongings.

For businesses, it is used for things like storing excess stock or archive paperwork, with the freedom for businesses to set their own lease duration. The same flexibility is applied to organisations as individuals.

Store4U storage solutions have been growing in popularity with tradespeople, allowing them to store materials and tools and to stock up when needed. It also allows deliveries for hardware stores or wholesalers day or night, with the ability to drive up to the door of their unit for loading and unloading. All Store4U facilities are accessible 24/7 and are protected with 24-hour lighting, personalised SMS access, top-grade security locks and steel lock covers, ensuring that all goods are safe no matter what.

Equally it provides insulation in all its containers that keeps all contents dry throughout the colder months, and wide aisles allowing customers to drive cars or vans up to a unit door for loading or unloading.

Despite the initial capital-intensive nature of the self-storage industry, Store4U’s financial strategy aligns with the Employment and Investment Incentive Scheme (EIIS), offering investors a four-year term with a 16 per cent return on investment. All funds invested directly contribute to the acquisition of non-depreciating fixed assets, ensuring a high level of security for investors.

With steady daily cash flow and continuous profitability since its inception, Store4U is well-positioned for growth.

The company’s success is evidenced by its plans to open new sites, including one in Cork, and explore opportunities in major regional towns. Store4U stands out as the only storage company in Ireland with a nationwide business expansion strategy, reaffirming its commitment to providing accessible and reliable self-storage solutions for individuals and businesses alike.

However, Store4U is not limiting its vision to Ireland alone as the company is actively planning an expansion into the dynamic self-storage sector in Germany. Substantial groundwork has already been completed, identifying four potential sites for future development.

Despite higher ground rents per square metre in Germany compared to Ireland, Gilmartin is enthusiastic about the European project. He believes that the potential for significantly increased rental yields, which could be up to 2.5 times higher, make entering the German market a strategically sound decision.

This expansion, he says, underscores Store4U’s dedication to providing cutting-edge storage solutions while also reaffirming its commitment to global growth, ensuring that efficient and secure self-storage services transcend borders.