– Former Coca Cola head office to be converted to self storage centre.
– Kennards to invest $3.6 million converting the building.
– Floor space to increase by 50% with addition of 2 new floors.
– New storage centre will be Kennards Self Storage 73rd location.
Kennards Self Storage has swooped on a vacant distressed office building in the Sydney suburb of Frenchs Forest.
After nearly 6 months of negotiation Kennards concluded the acquisition of the 4,400 square metre 4 level office building at a price of $3.15 million.
The site area is 5,042 square metres. The building was purpose-built for Coca Cola in the 1970’s to accommodate their Australian head office, but has been vacant for some years.
“This is a wonderful infill location for our Sydney network,” Sam Kennard, Managing Director, Kennards Self Storage explains. “We will recycle the existing structure plus add 2 additional levels.”
“The storage centre will ultimately be about 5,500 square metres NLA and 650 storage spaces.”
With 3 storage centres currently serving the northern beaches, Kennards have identified the increasing density will continue to see demand for self storage to grow in this market.
The new Frenchs Forest storage centre is located at 9A Rodborough Rd. It will boast the Kennards typical individual space alarm technology and comprehensive digital CCTV surveillance systems.
Adaptive re-use of otherwise obsolete buildings is a common strategy for Kennards Self Storage. The company has developed some strong skills in this area, and adopts innovative approaches to make the most of these buildings.
“We are buying the building at about $700 per square metre which is well under replacement value.” Sam explains.
“Being able to move quickly to satisfy the vendor was important in our successful acquisition in this case.”
“This is our fourth location serving Sydney’s northern beaches. We are excited about building another high quality storage centre to serve the local community.” Says Sam Kennard.
Kennards will invest approximately $3.6 million in developing the property.
About Kennards Self Storage
Sam Kennard is Managing Director of Kennards Self Storage. Kennards has grown to 70 locations across Australia and New Zealand, with over 44 hectares of space available. The Company remains a private, family-owned and operated business.
Not to be confused – though sharing family heritage, Kennards Self Storage is now completely separate and independent from Kennards Hire.