The Australian Financial Review
Sales Wrap – Property Section
– Natalie Gerritsen
Kennards Self Storage has bought a distressed vacant office in the Sydney suburb of Frenchs Forest for $3.15 million to add to its three self-storage operations on the city’s northern beaches.
The 440 sq m, four-level building, at 9A Rodborough Road, was prupose-built as the Australian head office for Coca-Cola but has been vacant for a number of years.
Kennards will spend about $3.6 million adding two levels to create 5500 sq m of net leasable area and 650 storage spaces.
The purchase price of around $700 per sq m was well under replacement value, Kennards said.
Andrew Cook from Taylor Nicholas negotiated the deal.
Andrew can be contacted on 0412 734 554