From Box Com archive – August 2015
Cambellfield warehouse contracted for $4.85 million.
This Cambellfield warehouse was bought by a prominent Queensland funds manager for just under $5 million. The warehouse, at 1551 Sydney Rd Cambellfield, is on 20,000 m2 of land and includes an existing building of just under 10,000 m2. The plan to convert the property to a self-storage complex and make it available for investors for syndication. Cambellfield is a mixed industrial/residential suburb 16 kms north of Melbourne’s CBD with CBD, Hume Highway and Tullamarine airport access.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents said, ‘A lot of investors would love to have well-located self-storage in their portfolio—but there’s a problem. Namely, the $5 to 8 million dollars that it takes to buy a fully operational quality self-storage complex. They’re very rarely syndicated.’
Melbourne-based Box Commercial consults to property syndicators across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.
Mr Stanley-Turner also said that the future of the self-storage industry continues to look bright.
‘As Australia’s population ages and our residential property bubble continues to force home owners into smaller and smaller premises, our demand for self-storage will only continue to increase,’ Mr Stanley-Turner said. ‘Business, too, are facing pressure from increased property costs and self-storage is often the perfect solution.’
This property has now been fully syndicated. Please contact us on the form below if you would be interested in participating in a future syndicate.