07 Jul 2016
Kennards Self Storage has expanded its operations in Adelaide, paying $2.435m for a 5,460sqm site at Croydon Park.
Situated on the corner of Torrens Road and Days Road, the property was offered for sale in May this year via an Expressions of Interest campaign.
It was identified early by the group as being ideally adaptable to the Kennards Storage Model.
Kennards Managing Director, Sam Kennard, said; “The building had all the basics, offering ample parking, access and a prominent main road location. We will be retro fitting the premises with local builders and expect to open the doors in January 2017.”
CBRE Associate Director Jon Nitschke said the vendor had previously considered the property for residential redevelopment once the tenants relocated.
“They ultimately decided it was better to offer it on the open market as development was not their core business. At $2.435m the result translates to a price of $445psm, with the property transacted quickly amid strong buyer interest,” Mr Nitschke.
He noted that this was the second Torrens Road property that CBRE had reached settlement on this month, with Units 1 and 2, 350 Torrens Road sold for $2.5m to an interstate contractor.
“Vacant possession sales have been spectacular this year, with the RBA's decision to maintain interest rates keeping buyer enquiry bubbling. Off market transactions have also been a feature, with some major property owners choosing to divest to very motivated purchasers starved for opportunities,” Mr Nitschke said.
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