BlackRock-backed StoreLocal spends $57m on Sydney assets
StoreLocal – majority owned since last year by BlackRock- has snapped up two new Sydney warehouses to occupy.
The priciest, 3 Holbeche Road, Arndell Park (pictured, top), cost $34 million.
Completed in July, offered on a turnkey basis, it contains 11,951 square metres of gross area over three floors, configured with 830 storage units.
The site spans 8986 sqm.
Arndell Park is 35 kilometres west of the CBD.
Meanwhile, StoreLocal paid $23m for 5 Abel Street, Jamistown.
It contains a 6172 sqm building configured with 550 storage units, also completed recently and offered vacant.
Jamisontown is 21 km south-west of Arndell Park.
Akura was the developer and vendor (continues below).
StoreLocal builds portfolio
StoreLocal has branded the Jamistown facility as its Penrith branch.
“These two facilities are a natural fit for our portfolio and reinforce our commitment to investing in high-quality assets in markets where we see strong long-term demand,” StoreLocal chief executive officer, Hans Pearson, said.
“Western Sydney continues to experience significant population and business growth, making it one of Australia’s most compelling self-storage markets,” he added.
CBRE’s John Micallef and Jason Edge were the agents.
“By launching both opportunities to the market simultaneously, we were able to generate strong buyer engagement and deliver outstanding outcomes for our clients”, they said.
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