Time & Place drops $32m on self-storage sites
Time & Place has outlaid $32.3 million for two sites, for the Storage X self-storage brand it bought with Ladon Capital two years ago.
In Bentleigh, the group paid $18 million for 1B-1C Toven Akas Avenue – one holding in from the Nepean Highway.
Spanning 5438 square metres zoned Residential Growth, it was marketed for its potential to accommodate a five-level apartment building.
Instead, Time & Place is constructing a self-storage complex that tall (pictured, top), with drive-in/drive-through access and digital security.
It is expected to open in November.
Burwood block
In Burwood, Time & Place has paid $14.3m for 18 McIntyre Street.
On 6633 sqm also exposed to Duffy St, an application has just been lodged for a four-level self-storage facility with 1000 units between 3-18 sqm, offices and parking.
The two acquisitions bring the Storage X portfolio to six (continues below).
It is expecting to hold a c$1 billion portfolio of east coast assets.
Pipeline builds to 60,000 sqm
Storage X now has a pipeline spanning 60,000 sqm.
Time & Place is also planning a self-storage facility at 70-80 Gwynne St and 97 Cubitt St, Cremorne, a site it previously planned to develop as an office building with MaxCap.
Like at Burwood, Concept Y Architects is the designer.
A 15,000 sqm facility is also set to open next month at Separation St, Northcote, a site Time & Place bought for $29.3m last year.
It also holds self-storage sites in Huntingdale, on North Rd, and Brisbane and Sydney.
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