In 2019, the future owners of a substantial five-acre property in regional Victoria engaged Progress Accounting to help bring a greenfield self storage development to life. While they were experienced in running businesses, the self storage industry was new to them — and they needed expert guidance across structuring, financing, and long-term planning.
The Challenge
Starting a self storage facility from scratch required more than land and ambition. The project involved setting up the right business entities, preparing budgets and projections, securing bank finance, and implementing operating systems. It was also important to consider the broader picture — from tax efficiency and wealth creation through to succession planning and profitability improvement.
Our Approach
From day one, our role was to ensure the development had strong financial and strategic foundations. We began by establishing the business and purchasing entities, tailoring the structure to protect assets, optimise tax outcomes, and plan for future scenarios.
Working alongside external feasibility studies, we developed construction budgets and cash flow forecasts that mapped out payment schedules and milestones. These projections gave the owners clarity and confidence while providing financiers with the detailed information they required.
To secure funding, we prepared three-year forecasts of unit fill rates and operational cash flows, along with best-, middle-, and worst-case scenarios. This provided both the owners and their lenders with a clear picture of when the facility would become cash flow positive, and the risks and opportunities along the way.
As construction progressed, we also helped establish operating systems such as SiteLink and Xero, ensuring the business had the right tools in place for day-to-day management and reporting.
Adapting to Change
The launch of the facility coincided with the COVID-19 pandemic. While this brought uncertainty, it also created an unexpected surge in demand for self storage. With our support, the owners were able to respond quickly, taking the business through three additional stages of expansion within its first three years of operation.
Throughout this growth, we worked closely with the owners, valuers, and financiers to secure lending for each new stage, while maintaining tight control over budgeting and cash flow.
Assistance covered every phase of the project, including:
- Structuring – establishing entities for tax efficiency, asset protection, and future planning.
- Budgeting & Cash Flow – preparing detailed financial forecasts to guide both internal decisions and external finance.
- Finance Assistance – working with lenders and valuers to secure funding across multiple development stages.
- Systems & Reporting – setting up accounting and operating systems for effective management.
- Ongoing Advisory – providing tax planning, profitability improvement, and acting as a sounding board for strategic decisions.
The Outcome
What began as a greenfield development is now a thriving self storage business with multiple stages completed in record time. With the right structures, financial clarity, and advisory support, the owners have been able to grow confidently, minimise tax, and build long-term wealth.
At Progress Accounting, we are proud to have known and supported them from day one, helping turn a vision into a sustainable and profitable enterprise.
