Abacus Grows Self-Storage Empire as Spin-Off Listing Looms

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.

The proposal is an expansion of its existing facility comprising three warehouses across a site spanning two lots and more than 1ha at Miami.

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.

The other warehouse in the complex—bordered by Oak Avenue, Hillcrest Parade and Paradise Avenue—is on an adjoining 2841sq m site.

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.

If approved, the expanded complex would have a total gross floor area of 9795sq m of self-storage space.

“The new building has been designed to reflect the architectural character of the existing warehouses on site,” the application said.

“The building is of a high architectural standard for industrial development, comprising a mix of materials and colours to achieve articulation to the street.

“The contemporary design is part of Storage King’s nationwide rebrand to provide a modern product to the self-storage market.”

In February, Abacus Property Group announced its plans to create a separate listed self-storage entity—to be known as Abacus Storage King (ASK) REIT.

The self-storage trust is expected begin trading on the ASX in August.

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’s portfolio.

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.

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.

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’s southside.

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.

Meanwhile, another separate self-storage development proposal has been filed for a 2754sq m site at 26 Ern Harley Drive, Burleigh Heads.

It has been lodged by Clarkes Design & Construct and would comprise a complex of 18 self-storage sheds to be known collectively as The Vault with 26 carparking spaces.