This article is from the Australian Property Journal archive
KENNARDS Self Storage has acquired a 5,460sqm site in Adelaide’s Croydon Park for $2.435 million.
Located on the corner of Torrens Rd and Days Rd, the property sold by CBRE’s Jon Nitschke.
Kennards managing director Sam Kennard said the building had all the basics and was identified early as ideally adaptable to the Kennards Storage Model.
“We will be retro fitting the premises with local builders and expect to open the doors in January 2017,” he added.
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,” Nitschke said.
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 Rd sold for $2.5m to an interstate contractor.
Australian Property Journal
