The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
IndustrialStaff WriterMon 30 Jan 17

Storage Company Sets Sights On Perth Freehold Interests

national-storage-mornington-7018-image_620x380

National Storage REIT recently announced its arrangements to obtain the freehold interests of two existing Perth assets at Guildford and Rockingham.

The success of arrangements would see the giant storage company acquire two freehold land parcels adjacent to the Rockingham centre in Cort Way. Lot 27 Cort Way has a long term industrial tenant in place, while Lot 28 Cort Way will be used to expand the hardstand storage offering at the Rockingham centre.

As part of the overall transaction, National Storage also negotiated for improved lease terms for the Subiaco centre which will secure the underlying business and long term leasehold interest. The Subiaco centre comprises approximately 1,000 units over 11,000 square metres of net lettable area.

The Guildford centre comprises 550 units over 6,000 square metres of net lettable area, and Rockingham comprising 430 units over 5,000 square metres of net lettable area. Lot 27 measures approximately 3,100 square metres of gross land area, whilst Lot 28 covers approximately 4,000 square metres of gross land area.

Managing Director Andrew Catsoulis said the transaction illustrates a strategic intent and ability to execute the acquisition of freehold interests from leasehold where possible.

"Importantly we have secured additional optionality through acquiring freehold ownership of these two centres and have achieved operational savings by reducing overall lease rental expenses," he said.

"These centres have been part of the National Storage portfolio since 2006 so it is pleasing to be able to secure the freehold after ten years operating as National Storage centres.

"We continue our strong working relationship with the landlord, having negotiated favourable terms as part of this transaction and securing our presence in central Perth."The total consideration for the transaction is $30 million. Investigations undertaken on the vendor, Carmel Pty Ltd and related entities, confirm its ability to transact. Settlement is expected by the end of January 2017.

National Storage continues to actively pursue acquisition opportunities in line with its acquisition and asset management strategy.

RetailAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Freecity’s $300m PBSA to Prove Worth of Modular at Scale

Leon Della Bosca
7 Min
Exclusive

Billbergia’s John Kinsella: Whiskey, Fun and a Fear of Heights

Vanessa Croll
8 Min
Exclusive

Paperwork to Plate: The Rise of Brisbane’s Midtown

Taryn Paris
6 Min
Wel Co's Thornhill Park, 40km west of the Melbourne CBD.
Exclusive

Waiting for Victoria: Why Wel.Co says State Planning isn’t Working

Marisa Wikramanayake
6 Min
Woods Bagot Principal Alex Hall and Penny Place Adelaide
Exclusive

Amplified Affordability: Woods Bagot Cracks Housing Cost Code

Leon Della Bosca
8 Min
View All >
Wesley Mission Uniting Church Affordable Housing Scheme Curtin ACT
Build-to-Rent

Wesley Mission Plots $46.5m ACT Housing Precinct

Leon Della Bosca
Surfers Paradise Jinding Revised DA hero
Development

Tide of Tower Tweaks to Stack Up Gold Coast Projects

Phil Bartsch
Exclusive

Freecity’s $300m PBSA to Prove Worth of Modular at Scale

Leon Della Bosca
A 4000-home campaign, and arguably the status of the building technique down under, hinges on the 500-room Sydney test c…
LATEST
Wesley Mission Uniting Church Affordable Housing Scheme Curtin ACT
Build-to-Rent

Wesley Mission Plots $46.5m ACT Housing Precinct

Leon Della Bosca
3 Min
Surfers Paradise Jinding Revised DA hero
Development

Tide of Tower Tweaks to Stack Up Gold Coast Projects

Phil Bartsch
4 Min
Exclusive

Freecity’s $300m PBSA to Prove Worth of Modular at Scale

Leon Della Bosca
7 Min
Technology

Beyond Bricks and Mortar: Creating Connected Communities with Technology

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/national-storage-sets-sights-perth