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NATIONAL Storage REIT (ASX: NSR) has announced its plans to acquire a new prime location at Bundall, adjacent to the former Masters Hardware store.
The group, headed by managing director Andrew Catsoulis, has entered arrangements with Leyshon Group to jointly develop the Gold Coast site which boasts 6,900sqm of retail and warehouse space.
National Storage plans to invest 25 per cent into the development of the site while Leyshon contributes the lion's share of 75 per cent.
Catsoulis says the opportunity to acquire the site comes at the right time, as the company seeks to pack more of an offering into the Gold Coast market.
"We have been seeking the right site to expand our footprint on the Gold Coast for some time now and we are delighted to have secured such a desirable site," says Catsoulis.
"The site has direct exposure to substantial passing traffic, is in close proximity to established residential and commercial drivers of storage demand and is in an area which we have identified as underserviced for self-storage."
According to Catsoulis, the site's existing retail component will create an income stream to offset the costs of development in the short term.
National Storage will manage its development, which is set to begin following settlement from previous owners the Vivlios Group of Companies.
Following its completion, the site will be added to a portfolio of four other National Storage centres currently operating on the Gold Coast.
Catsoulis will be discussing this latest achievement in addition to many of his other career highlights at the Business News Australia Breakfast Series on March 26.
To hear how Catsoulis built National Storage to a business with almost $1 billion inassets under management since its public listing in 2013, you can click here to book your tickets to the event.
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