Australian self-storage operator National Storage REIT (NSR) is expanding its self-storage portfolio in Perth, Western Australia, through a recent acquisition, a new development and the expansion of an existing facility.
The company purchased a facility in Wangara, a suburb of Perth, for $10.9 million. The property includes 5,300 square meters of storage space with 579 units. The passing income yield projected for the first year is 9 percent excluding transaction costs, according to the source.
NSR also acquired 5,700 square meters of land in Kardinya, another Perth suburb, for $8 million with the intent to build a new facility. It will construct a 4,400-square-meter storage center with 417 units. The projected passing income yield for the first year is 10 percent once the property stabilizes, the source reported.
An expansion of an NSR-operated leasehold site in Cockburn is also underway. The development’s costs will be covered by the property owner, with additional rent incurred by NSR as its existing lease is expanded to cover the new building.
NSR operates 65 self-storage centers in New South Wales, Northern Territory, Queensland, South Australia, Victoria and Western Australia. It is the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange.