The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
6
print
Print
Self StoragePhil BartschMon 20 Feb 23

Abacus Files Queensland Plans as Self-Storage Empire Expands

Render of planned Storage King facility, Morayfield

Abacus Property Group has filed plans for a four-storey self-storage facility in a growth precinct north of Brisbane as it moves to spin off its Storage King assets into a $3-billion listed property trust.

The proposed new facility is earmarked for a 5674sq m vacant site at 62C William Berry Drive at Morayfield—46km north of the Brisbane CBD—in the fifth fastest-growing council area in Australia.

It would comprise a total gross floor area of 9458sq m with self-storage units across all four levels as well as ancillary office, retail and display space on the ground floor and 16 on-site car parking spaces.

The storage units would range in size from about 2.25sq m to 36sq m, and the gated facility would operate 24 hours a day, seven days a week.

“As the economy continues to change and fluctuate, there is growing need for affordable housing,” the planning report lodged with the Moreton Bay Regional Council said.

“Part of providing affordable housing is reducing the land and floor area available to users. With a reduction in storage space in the home, the proposal will provide affordable storage solutions to the local area.”

“This facility will enable users to consider housing choices that may not have been previously available due to lack of space”.

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.

Last week, the ASX-listed fund manager announced its plans to create a separate listed self-storage entity—to be known as Abacus Storage King (ASK) REIT— that would comprise a 127-asset portfolio, including 108 trading facilities with more than 568,000sq m of space and 19 developments.

“Abacus has deployed over $1.2 billion into self-storage assets over the last five years and has determined that the portfolio has reached a scale where it makes most sense to be separately listed with its own capital structure,” Abacus’ managing director Steven Sewell said.

“The self-storage market has attractive market fundamentals supported by macroeconomic tailwinds including an imbalance in supply and demand for self-storage space, densification of residential property, and the growth of e-commerce.”

Sewell said ASK had an outstanding growth runway with a pipeline of future acquisitions as well as 115,300sq m of development and expansion opportunities.

The Morayfield area—where the proposed new self-storage facility is planned—is expected to accommodate and additional 16,000 residents over the next two decades.

Self StorageRetailResidentialOfficeBrisbaneAustraliaProject
AUTHOR
Phil Bartsch
The Urban Developer - Writer
More articles by this author
ADVERTISEMENT
TOP STORIES
PGIM Real Estate Reimagines 444 queen street to 450 queen street brisbane
Exclusive

Coming, Ready or Not: Relic Stripped to Bone for Green Glow-Up

Renee McKeown
5 Min
Darwin has sat dormant for a decade but the resource rich territory is “on the threshold” of a boom for resources and new cities. Weddel and Palmerston
Exclusive

NT Eyes Looming Boom as Planning Commissioner Bows Out

Renee McKeown
5 Min
Exclusive

Gold Coast’s Greatest Moments Yet to Come: Evan Raptis

Phil Bartsch
7 Min
MODEL founder Rory Hunter HERO
Exclusive

‘It’s Massive’: On Mission to Prove BtR Green Equals Gold

Leon Della Bosca
8 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
View All >
Office

A-Grade Perth Office Tower Comes to Market

Lindsay Saunders
Main Beach Odus Ari Tower Site Deal hero
Residential

Odus Doubles Down in $55m Main Beach Tower Site Deal

Phil Bartsch
Placemaking

Restaurant Revival Slated for Derelict Wynnum Ice Works

Taryn Paris
Closed since 2012, the former fish market would find new life as an upscale waterfront dining destination under the prop…
LATEST
Office

A-Grade Perth Office Tower Comes to Market

Lindsay Saunders
2 Min
Main Beach Odus Ari Tower Site Deal hero
Residential

Odus Doubles Down in $55m Main Beach Tower Site Deal

Phil Bartsch
3 Min
Placemaking

Restaurant Revival Slated for Derelict Wynnum Ice Works

Taryn Paris
2 Min
Build-to-Rent

Townsville’s First BtR Project Wins Green Light

Taryn Paris
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/abacus-files-queensland-plans-as-self-storage-empire-expands