After falling into receivership in 2012, Storage King Wellington (New Zealand) has finally been sold by the Receivers, with Kennards Self Storage successfully claiming it.
Kennards secured the purchase of the property just prior to Christmas after a second marketing campaign run by Colliers. The Receivers and Colliers first attempt to sell the asset was in July 2012.
For Australian-based Kennards, the Wellington acquisition gives it a 9th New Zealand location and is the company’s 80th across both countries.
Located at 19 Hutt Road, Thorndon it is 2 km’s from Wellingtons CBD and enjoys strong exposure to the motorway. The storage centre has 1,100 spaces and trading at 67% occupancy.
“This is the best storage location in Wellington” explains Sam Kennard, Managing Director. “The fit out quality is high and it enjoys a superior location. We are excited by this addition to our network”.
Kennards rebranding will be done immediately. The company also intends to undertake significant re-fit of the existing self storage units.
“Currently there is a mismatch in customer demand and actual size mix at this property” Kennard says “we will invest to rectify this, so occupancy can grow to an acceptable level”.
In addition, the property has expansion potential for a further 2,000 square metres of gross floor area.
Kennards paid $5.8 million to secure the property. The sale process was run by Richard Findlay and Tim Julian of Colliers International.
Kennards entered the New Zealand Self Storage market in 2008 with the acquisition of a portfolio and a couple of independent operators. Kennards Self Storage serves the North Island with centres in Auckland, Tauranga, Hawkes Bay, Palmerston North and now Wellington.
For many, the tiny house lifestyle is appealing. The draw of affordability, simplicity, freedom, flexibility, self-sufficiency, and reducing personal environmental impacts is undeniable.
We are excited to announce that Kennards Self Storage has expanded its presence in Wellington with the acquisition of Kiwi Self Storage in Kilbirnie, making this our second site in the capital city.
The Wellington customer is fortunate to have a competitive storage market where value priced units are regularly available. Kennards Self Storage has a centre in Thorndon and soon another centre in Rongotai.