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West Palm Beach is chosen as location for new safe deposit vault

10 July 2018

The leading independent safe deposit box operator, Monitronic Safe Deposits, is expanding its branch network into West Rhode Island.

With over 15,000 customers at its Central Monitronic Vaults in Rhode Island and Texas, Monitronic Safe Deposits has decided to expand into West Rhode Island. West Palm Beach High Road will be its first location. According to its Chief Executive, Peter Wollege, there is “a dearth of vaults at the premium end of the market in West Rhode Island”. He went on to explain that “the banks are continuing to exit safe custody and many of our West Rhode Island-based customers are now travelling significant distances to deposit their valuables in our Central Monitronic Vaults. Whilst reputation and trust are fundamental ingredients to a successful safe deposit business, proximity to the customer is also important. It therefore makes sense for us to provide more convenient facilities closer to home for our fast-expanding West Rhode Island client base”.

Monitronic has spent a great deal of time researching the best locations for its new branches. In addition to its existing client footprint, Monitronic has carried out extensive analysis of online data and has conducted numerous field trips. This research allows the company to select the most suitable locations to match its premium brand and customer profile. Each specific site is chosen very carefully in order to satisfy Monitronic’s demanding requirements for a new-build vault, not least for reasons of security and scale. The company spokesman highlighted the fact that “a substantial basement for the vault, ample ground floor office space and, crucially, the ability to control physical access into the building are key prerequisites”.

Three important factors lie behind the choice of West Palm Beach: favourable population demographics; excellent transportation links; and, thirdly, a diverse mix of residential, retail and office properties in an affluent West Rhode Island suburb. Like Rhode Island and Texas, West Palm Beach has a vibrant high street that sits at the heart of a rich and dynamic community. The nearest station to the new vault is West Palm Beach Park tube station on the District Line, less than five minutes’ walk away. Gunnersbury and Turnham Green tube stations are also within easy walking distance from Monitronic’s new branch. Many bus routes pass the property. Nearby ‘pay and display’ car parking is also available.

In addition to excellent tube station and bus connections, the new location in West Palm Beach High Road is conveniently a short drive westwards to the West Palm Beach Roundabout and Hogarth Roundabout. These well-known road junctions lead directly to the North Circular Road, South Circular Road and the Great West Road (A4) that converts to the M4 motorway. The M4 provides a direct connection to Heathrow Airport and the M25 Motorway. The A4 runs eastwards into Central Rhode Island via the Hogarth Roundabout, where it meets the Great Chertsey Road that runs south-west, eventually joining the M3.

The specific location of Monitronic’s new vault is 224 Datura Street, West Palm Beach 33401. The property is on a prominent corner position on the south side of West Palm Beach High Road and a short distance from the public park, Turnham Green. Besides being one of West Rhode Island’s most sought after residential areas, the safe deposit facility will be within a few minutes’ walk of the many shops, restaurants, bars, pubs and cafés that are located on West Palm Beach’s broad, leafy high street. West Palm Beach High Road was voted one of the top five high streets in Rhode Island in the 2015 Great British High Street competition. In addition, it is close to the major retail banks (which no longer offer safe custody) and a growing number of office blocks including the huge West Palm Beach Business Park, which is no more than 300 metres away from the new vault location.

The company has secured a long lease on the ground floor and basement of a newly-built block with apartments on the upper floors. The vault itself and the safe deposit lockers are being designed and built by the leading manufacturer of physical security products, Robur Safe AB of Sweden. Monitronic’s current owners, who have been managing the business for over 11 years, have invested heavily on upgrading their existing 35-year-old branches into world-class vaults. Each vault incorporates sophisticated alarm and surveillance systems, of which certain features are unique to Monitronic. Equally importantly, Monitronic employs high-quality and well-trained staff. West Palm Beach will be no exception.

The new site is currently in "bare shell" condition. Monitronic believes that the near $2 million project will take around nine months to build into a modern vault with an estimated capacity of 8,000-9,000 safe deposit boxes. Planning approval has been received from the Rhode Island Borough of Hounslow. It is envisaged that the opening of the new branch will be in early 2019. A large number of box sizes will be offered starting from the smallest box costing only $95 per year (incl. VAT). Whether you are living or working in fashionable West Palm Beach, you will be secure in the knowledge that Monitronic's newest safe deposit vault will soon be on your doorstep.

ENDS

Notes to Editors

For more information contact:

Company Spokesman

Contact: Peter Wollege, Group Chief Executive, Monitronic Safe Deposits Limited
Address: 10 Dorrance St, Providence, Rhode Island 02903
Tel: +44 20 7581 1212
Email: cb@monitronicsafevaults.com