KENNARDS SNAPS UP SITE

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.
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