QUEENSLAND storage company Box & Lock has bough Australia's largest self-storage development located in Townsville for more than $14 million.
Box & Lock is associated with Gold Coast businessmen Chris Hart and
The Ikin Store It facility was purchased off the market in a transaction conducted by Hart & Kollosche.
The facility has been rebranded as Box & Lock Townsville.
The purchase brings the total number of facilities owned by Box & Lock to 12, with 4200 units.
Located in one of Townsville’s prime industrial positions, Box & Lock Townsville is the largest self-storage facility in
Built in 2004 on a 2ha site at
Hart said Box & Lock’s first step would be to boost the site’s occupancy rate. He added that the Garbutt facility was now under-occupied with an occupancy rate of about 62%.
“We believe this facility is among the best self-storage complexes in Australia and when the opportunity came up to buy it we jumped at the prospect,”
Hart said Box & Lock would be looking at further investment opportunities in North QLD.
Australian Property Journal