The asset is a multi-level storage centre comprising 550 units over 3,300 sqm of net lettable area. The centre is well located with close proximity to big box retail, and is on the opposite side of the Lane Cove Tunnel to the existing National Storage Artarmon centre.
Managing Director Andrew Catsoulis said "This acquisition expands our inner Sydney presence and provides good coverage across Artarmon, an area which continues to see positive growth in our existing portfolio. The centre presents an opportunity to improve both occupancy and rate per square metre, in addition to the synergies generated by joining the National Storage operating platform".
The centre is set to be acquired for $10.75 million from Ebley Street Holdings Pty Ltd and Metro Storage Pty Ltd, and settlement is expected in December 2016. Initial investigations undertaken on the vendor's identity and capacity confirm its ability to transact.
National Storage continues to actively pursue acquisition opportunities in line with its acquisition and asset management strategy.
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About National Storage REIT
National Storage (ASX:NSR) is one of the largest self-storage providers in Australia and New Zealand, with 123 centres providing tailored storage solutions to over 40,000 residential and commercial customers. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).
National Storage REIT