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Abacus Storage King will comprise the $3-billion Storage King portfolio of assets and $100-million business platform to be a fully integrated self-storage owner, operator and manager.”<\/span><\/span><\/span><\/p><\/blockquote>\n
With the spin-off of its Storage King assets into a $3-billion listed property trust in full swing, Abacus Property Group has filed plans for a four-storey self-storage facility on the Gold Coast.<\/span><\/span><\/span><\/p>\n
The proposal is an expansion of its existing facility comprising three warehouses across a site spanning two lots and more than 1ha at Miami.<\/span><\/span><\/span><\/p>\n
Under the plans, it would develop a fourth self-storage warehouse on a 7308sq m site at 15 Paradise Avenue now occupied by two of its three existing warehouses.<\/span><\/span><\/span><\/p>\n
The other warehouse in the complex\u2014bordered by Oak Avenue, Hillcrest Parade and Paradise Avenue\u2014is on an adjoining 2841sq m site.<\/span><\/span><\/span><\/p>\n
According to the application lodged with the Gold Coast City Council, the proposed expansion would comprise an additional 4328sq m of gross floor area with self-storage units across all four levels and 17 onsite carparking spaces.<\/span><\/span><\/span><\/p>\n
If approved, the expanded complex would have a total gross floor area of 9795sq m of self-storage space.<\/span><\/span><\/span><\/p>\n
\u201cThe new building has been designed to reflect the architectural character of the existing warehouses on site,\u201d the application said.<\/span><\/span><\/span><\/p>\n
\u201cThe building is of a high architectural standard for industrial development, comprising a mix of materials and colours to achieve articulation to the street. <\/span><\/span><\/span>\u201cThe contemporary design is part of Storage King\u2019s nationwide rebrand to provide a modern product to the self-storage market.\u201d<\/span><\/span><\/span><\/p>\n
In February, Abacus Property Group announced its plans to create a separate listed self-storage entity\u2014to be known as Abacus Storage King (ASK) REIT.<\/span><\/span><\/span><\/p>\n
The self-storage trust is expected begin trading on the ASX in August. <\/span><\/span><\/span>It follows a successful $225-million equity raising launched in June, to help pay down debt, strengthen the balance sheet and provide capital to fund the growth of the trust\u2019s portfolio.<\/span><\/span><\/span><\/p>\n
Abacus Storage King will comprise the $3-billion Storage King portfolio of assets and $100-million business platform to be a fully integrated self-storage owner, operator and manager.<\/span><\/span><\/span><\/p>\n
The initial portfolio will include more than 100 self-storage facilities across Australia and New Zealand with a further pipeline of 21 facilities in various phases of development.<\/span><\/span><\/span><\/p>\n
Storage King holds a 14 per cent market share, second only to its rival National Storage, which has filed plans for a four-storey mega self-storage complex at suburban Salisbury on Brisbane\u2019s southside.<\/span><\/span><\/span><\/p>\n
Abacus Property Group initially acquired 25 per cent of Storage King in 2018 and two years later took full control, paying $50 million for the additional 75 per cent stake of the self-storage landlord.<\/span><\/span><\/span><\/p>\n
Meanwhile, another separate self-storage development proposal has been filed for a 2754sq m site at 26 Ern Harley Drive, Burleigh Heads.<\/span><\/span><\/span><\/p>\n