eKourier July 2012

Macquarie Park: no longer the last unserved market in Sydney?

About the property:

Customer Feedback “I just wanted to give you a little bit of feedback from my experience with the Miranda storage building. From the time I walked in to the time I finished my lease there I could not have been happier. The two gentlemen who worked there were both extremely polite, extremely helpful and extremely efficient. I just wanted to let you know what a good job the boys down there are doing as most people are pretty quick to write complaint letters but not so quick to write good reviews. I will definitely recommend the Miranda store to anyone who asks. We will submit our application to Ryde Council for our storage centre by August. We hope for expeditious consideration and consent, then construct Stage 1 immediately. Stage 1 will be a conversion of the front warehouse to a 2 level storage centre. Sam Kennard Managing Director The 8,000 metre property has 3000 metres of building, including 2 high clearance warehouses. We plan to recycle and re-use the buildings to construct 800 - 1,000 storage spaces. As always with each new development, we use the latest ideas and innovations to showcase the best of the brand and service features. Khartoum Road is not a major arterial road, but well used for local traffic. The new M2 on/off ramps nearby will increase traffic passing the property. What next?

I n further exciting growth activity, we have acquired an 8,000 square metre site in the Sydney suburb of Macquarie Park. After many years of looking to fill this hole in the Sydney market, we have finally been able to secure a site at a price that makes sense. In previous years, the area has simply been too expensive for our use. In recent times, the market has shifted. This was caused as a result of the REIT sector boom that finally began to unravel in 2008. The boom saw Macquarie Park experience an excessive amount of new A Grade offices and hi tech warehouses constructed. “The 8,000 metre property has 3000 metres of building, including 2 high clearance warehouses” In the years since then, tenants leases expired and they enjoyed compelling new lease offers to upgrade to better premises from the 'motivated' owners. This 'left behind' much B Grade property with few buyers and no tenants -

hence, prices have adjusted. KSS is the beneficiary and suspect this price window will close quite quickly. Macquarie Park is a strong and desirable commercial location - home to many Australasian head offices for multi-national corporations. It has undergone a transformation from simple warehouse and distribution to hi tech, research and development, and office area. It is formerly known as North Ryde. In addition, thousands of apartments are in planning to be built in the next few years. Macquarie University is located within 1km of the property and the shopping centre is even closer.

The last hole in the Sydney storage market?

Mapping all the storage locations in Sydney on map, reveals that Macquarie Park is about the only unserved market. It is at least 4km in any direction to any storage provider - we doubt we have any other location that can boast such an isolated position.

Thanks for a great service!”

Kennards Kourier July 2012

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