Speed dating’ results in sub-6% yield for storage complex
Melbourne, VIC (27 November 2017) – FOR IMMEDIATE RELEASE
A stand-alone Sunshine Coast self-storage complex has been sold after a four-week expression-of-interest campaign described as ‘like speed dating’.
National Storage, one of Australia’s largest self-storage operators, paid $4.5 million for Airport Storage and Parking, at 7 & 8-10 Runway Drive, Marcoola.
Robert Stanley-Turner, of Box Commercial Real Estate, said that the strong interest in the property, and in self-storage in general, was reflected in the high number of genuine enquiries.
‘I sold my first self-storage complex in 1996 and it’s been years since I’ve see this much interest in a complex,’ Mr Stanley-Turner said. ‘We had more than 50 genuine enquiries during the campaign, which came down to around a dozen inspections. It was a bit like speed dating.’
Average yields in self-storage over the last three years have been around 7%, so this initial yield of 5.5% is an outstanding result, Mr Stanley-Turner said.
‘The depth of interest shows the strength of the self-storage market. There are quite a few disappointed parties out there,’ Mr Stanley-Turner said. ‘If you’re thinking of selling your complex, there’s no better time.’
Box Commercial sells selected Australian income-producing commercial investment property, with a particular focus on self-storage. Our clients are unit trust managers, syndicators and investment companies, and private individuals. Our services extend to support these clients to sell, lease, acquire or manage their property holdings.