Storage project ‘ideally located’
Brisbane property fund manager Natgen has increased its investments in the fast-growing Gold Coast self-storage market.
Natgen paid $5.5m for the 8084sq m site at 8 Ellis Way, Upper Coomera, for its latest property trust.
The development of a $32.8m high-specification, state-of-the-art self-storage building and surrounding facilities at the site includes more than 7000sq m of self- storage units incorporating an office/retail space, parking, security and landscaping.
Significantly, the site fronts the M1 Motorway and is part of the Coomera Springs Enterprise Park.
The trust will construct and operate the facility for a six to seven-year period following completion, and investors will contribute $10m.
Crew Commercial’s Dave Kertesz and Colliers’ Daniel Coburn and Jacob Griffin struck the deal on behalf of Gold Coast developers LatSod Pty Ltd, who own the total 3.12ha site. The acquisition follows Natgen’s recent investment in Gold Coast self- storage at Molendinar via the Natgen Development Trust ML23, with total assessed completed value of $22.9m and investors contributing $8m.
Natgen managing director Steven Goakes said the latest self-storage acquisition offered a significant opportunity for investors.
“The self-storage site at Upper Coomera is ideally located at the epicentre of a large demand area,” he said.