CBD Self Storage
Winner for the Multi-site Operator Store of the Year - Mainland China 2023
CBD Self Storage Sanlitun
https://www.cbdmnc.com/
Address:
Basement 2, Mall 5, Sanlitun SOHO, No.7 Worker's Stadium North Road, Chaoyang District, Beijing, China
About CBD Self Storage Sanlitun
CBD Self Storage Sanlitun has only a GFA of 290 sqm. The site had been vacant from Day 1 since the Sanlitun SOHO compound was completed. Sanlitun SOHO is located in one of the most recognised commercial hubs in Beijing (akin to the Orchard Road in Singapore or the Causeway in Hong Kong). There is a huge demand for both household and business storage.
The reason for its vacancy prior to our conversion is likely due to the fact that the size is far below the conventional "minimum breakeven size" (10,000 sq ft) for a traditional self storage facility. CBD Self Storage has invented its smart and unmanned facility since 2015 and thus we are not constrained by the traditional "minimum breakeven size" doctrine. As a result, we have successfully rented this site and converted it into an 86-unit smart facility. Each storage cabinet is installed with a smart lock connecting to our operating system backend via Wechat. There is neither any reception area nor any shopkeeper as the entire letting process is unmanned.
This facility is the first available self storage space in the vicinity. Due to robust demand, the initial take-up was rapid, achieving a 50% occupancy within 6 months of opening. In Mainland China, the Government requires that any site that has a size of over 300 sqm go through a long approval-based process. Therefore the conversion period was also very quick, and this facility was opened within 3 months of the handover.
At CBD Self Storage, we have called this strategy the "Small is Beautiful" model and it had proven to be a success. As the showcase of an "Internet Plus" sample and the first of its kind in China, our Sanlitun facility has attracted a handful of state media agencies visiting it including CCTV and BTV.
An Overview about the CBD Self Storage
CBD Self Storage (a member of China Mini Storage Limited) is the world’s first smart self storage operator that fully integrates Wechat and smart devices into its operations. At the crux of our efforts is the belief of "better living through spacing" and our faith in "Internet of Things".
As a Proptech start-up, when CBD Self Storage completed its angle round of funding in 2014, we started allocating a portion of our proceeds into R&D. Back then Mainland China was going through an internet and tech blossom and China’s first "Internet Plus" hotel was opened by Alibaba in Hangzhou. It's called "Alibaba Future Hotel" and the gist of which is being unmanned and automated. This was achieved by integrating various smart devices into the hotel and created an offline to online (O2O) connections.
As a start-up, our team was inspired and we were determined to innovate a new version of "Internet Plus" self storage facility which becomes the current mainstream version of "Smart Self Storage"". At CBD Self Storage, every single of our storage unit is installed with a smart lock that is connected with our management software back end and on the front end, our users are connected with us via our mobile internet application that is built within the Wechat operating system.
Our tech-enhanced products enable users to complete the entire letting process online within 3 minutes via Wechat, from choosing the specific available storage unit from our real-time inventory system, identity authentication, signing e-contracts, e-payment to digital turnkey. As such, CBD Self Storage avoids one typical post-sale service problem which is a user losing his padlock key and/or together with his access card. Every time a user opens his storage unit via Wechat will also immediately receive a message notification. We are dedicated to technology and innovation to continue enhancing our user experiences and security level.
As a smart self storage operator, we also benefit economically for being tech-enabled. As all our orders are transacted online and paperless, we have a relatively lean back office and a stronger internal control mechanism. Being unmanned has also enabled us to be more flexible on site selection and we are currently managing facilities with a floor area from 100 sqm to 3,000 sqm.
Headquartered in Beijing, China Mini Storage currently operates in Shanghai, Guangzhou and Shenzhen. Since inception, the company has received numerous awards including "China Real Estate Innovation Award", "Gold Pilot Award", "Cyberport Start-up Award" and "Top Investment Value Award". The company is founded by Mr. Alan Tso and its major investors include BentallGreenOak, a renowned global real estate private equity fund manager with an AUM of over USD70 billion as of the end of 2021.