This article is from the Australian Property Journal archive
AN investment property leased to Storage King at Northcote, in Melbourne north-east has sold for $4.9 million.
Located at 150 Arthurton Rd Northcote, the property has been sold by an expressions of interest marketing campaign conducted by specialist property agents Highway Frontage.
Storage King Northcote is managed by Australia’s largest self storage group and opened for business in 2007 and the purchasers of the property and business are Ray White Invest and StoreInvest.
The total building area is 4,972 sqm with the front building section of 2,771 sqm developed with 243 enclosed storage units.
Highway Frontage Real Estate’s agent Matt Walsh said the appeal of this prominently located and very visible property and business is the proposed expansion of the number of secure storage units to 622 enclosed units once fully developed.
“This expansion can be facilitated by developing additional lettable units in the existing 2,201 sqm warehouse which occupies the rear of the property.
“The building has a high internal striking height enabling development over two levels of ground and mezzanine for the proposed additional 379 secure storage units. Plans and planning permits for this expansion are in place and on completion this will increase the number of storage units by more than doubling its size,” he added.
“Consequently the income projection from the total of 622 storage units increases to a significant net annual income on completion,” Walsh said.
PropertyReview
