Abacus Property Group is spending $8.6 million on a self-storage investment in Perth’s south Cockburn Central.
The 1.7 hectare property, 854 North Lake Road, was listed during COVID-19 conditions with JLL’s marketing agents saying they, the vendor and purchaser effectively worked from home to complete the deal.
The asset contains four buildings with a total of 500 storage units, the average size, 10 sqm.
A hectare of vacant land at the rear of the holding, as well as a pad site fronting North Lake Rd, previously permitted for another structure, provides Abacus significant, staged expansion options.
Nigel Freshwater and Sean Flynn were the marketing agents (story continues below).
Prior to the Cockburn Central acquisition, Abacus controlled 81 self storage assets containing a total area of 320,901 sqm.
Its portfolio of assets, on Australia’s east coast and New Zealand, was valued at $1.21m on June 30, 2020.
The group has an operating relationship with Storage King, Australasia’s largest provider.