Hobart acquisitions strengthen National Storage network
National Storage has launched itself across Bass Strait, purchasing three storage centres in Hobart and at the same time becoming the first of Australia’s major storage operators to secure a foothold in the Apple Isle.
The $17 million transaction, settled in late July, netted National Storage 10,700 square metres of space in established sites owned by Scobie Storage Centres and located at suburban Moonah, Mornington and Montrose.
The acquisitions lift the number of businesses operated by National Storage to 60 located across all states of Australia and comprising around 290,000 square metres of net lettable space, equivalent to around 100 multi storey commercial office towers.
Managing director of Brisbane-headquartered National Storage, Mr Andrew Catsoulis, said the Hobart centres were valuable additions to the steadily growing network.
“We are continually watching the market for growth opportunities, whether they be established centres such as those in Hobart or potential development sites, like the National Storage Coolum site which was completed in 2007.”
Mr Catsoulis said as part of a managed and sustainable growth strategy National Storage had secured over 10 sites in the past 12 months in key centres such as Sydney, Brisbane and Perth.
“We are the first of the major storage operators to secure a stake in Tasmania, with the majority of existing centres being primarily small business operations with multiple individual owners.
“Despite changes in the economic climate over the last 6 months, we remain committed to continuing to grow our business through strategic acquisitions, such as the Hobart centres.
“While it is a small market in comparison to the mainland states, Tasmania, and particularly Hobart, are showing growth in the storage sector, which we intend to capitalise upon.”
He said space within the three Hobart centres was currently 81% occupied, which provided a strong current business base, as well as opportunities for growth.
“All existing staff including managers, storage assistants and maintenance personnel will be retained and will undergo training programs to introduce National Storage processes and procedures into the centres.”
The three centres will be rebranded National Storage in the near future.
He said the national trend towards sustainable commercial and domestic practices, emphasised the relevance of storage as a practical, cost and resource efficient method of managing and maximising space.
“From a domestic point of view, compact storage units reduce the need for extra storage space in homes for items such as boats, cars, household items and collections, while the potential to store commercial records, files and point of sale merchandise off-site can reduce leasing costs and minimise on-costs such as lighting and air-conditioning,” Mr Catsoulis said.
He said National Storage intended to continue to build its network through strategic acquisitions and was currently negotiating on several potential sites.
