This article is from the Australian Property Journal archive
NATIONAL Storage REIT has locked away the freehold interests of two existing Perth centres at Guildford and Rockingham for $30 million.
The Guildford centre comprises 550 units over 6,000sqm of net lettable area, and Rockingham 430 units over 5,000sqm of net lettable area.
National Storage will also acquire two freehold land parcels adjacent to the Rockingham centre, with the 3,100sqm Lot 27 Cort Way site subject to a long-term industrial tenant in place, and the 4,000sqm Lot 28 to be used to expand the hardstand storage at the Rockingham centre.
The centres were acquired from Carmel Pty Ltd and related entities.
“This transaction illustrates our strategic intent and ability to execute the acquisition of freehold interests from leasehold where possible,” National Storage managing director Andrew Catsoulis said.
The trust said it had also negotiated improved lease terms for its 1,000-unit, 11,000sqm Subiaco centre as part of the transaction.
National Storage recently announced it would open a third centre in Wellington, having bought 500 storage units from Storage Solutions and Paremata Business Park in Porirua for $9.7 million.
Australian Property Journal
