This article is from the Australian Property Journal archive
BRISBANE-based National Storage and global real estate firm Heitman have snapped up a property at Bowen Hills in Brisbane.
The joint venture has bought a storage facility at 114 Montpelier Rd Bowen Hills from Lend Lease. The property comprises over 550 units, including a substantial component of climate controlled wine storage and managed wine storage.
The JV which was formed in September last year has now acquired 23 storage properties representing around 120,000 sqm of net lettable area and over $200 million in asset value.
The JV are on the lookout for more storage centres over the next two years.
“We are very happy to be expanding the existing portfolio by way of this acquisition. The Bowen Hills centre offers a high build quality and excellent location with many surrounding local businesses in the immediate area which comprises our primary target market,” National Storage’s managing director Andrew Catsoulis said.
“In addition, the proliferation of new residential development under the planned RNA and Gas Works developments should serve to foster significant additional demand for secure inner city storage in this area.” he concluded.
Property Review
