Self storage properties have come firmly into the vision of property investors and fund managers recently due to their underlying real estate value and strong cash flow generating capacity.
Centres offered for sale have been keenly sought by investors with one recent offering of a centre in Moorabbin selling to an investor within 14 days of being offered for sale.
Real estate agents Highway Frontage Pty Ltd – in conjunction with Sydney-based storage industry consultant, Blackwell Consulting Pty Ltd – who both specialise in the sale of self storage properties, are now offering the Cranbourne Storage King self storage complex for private sale at an asking price of $3.65 million.
The Cranbourne complex has a successful trading history, modern storage buildings which have been developed in three stages since 1998, a reception office with caretakers residence above and future expansion potential.
The freehold property and business is offered for sale on a going concern basis inclusive of all operating equipment, existing management and security systems, Yellow Pages placements and existing customer information.
The Cranbourne Storage King property is located on a site of 1.16 hectares, or 11, 672sqm, with a full frontage to Sladen Street, which is a main feeder access linking to the South Gippsland Highway.
The storage complex comprises 375 storage units comprising a total area of 3,952sqm.
Construction is concrete block and metal partitioning on a concrete slab with a metal roof and a roller door to each storage unit.
The complex includes 72 units of a newly completed section opened only in August 2003, whilst a development permit exists to build a further 196 units on an additional 2,500 sqm of land.
Cranbourne also is a key regional centre in the south eastern rapid growth corridor in the City of Casey.
A confidential property report on the Cranbourne Storage King complex is available from Highway Frontage – Specialist Real Estate Agents on 03 9429 1002, mobile 0418 982 000.