KSS eKourier April 2022

FEATURE

KSS HOISTS THE FLAG AT THE BOTTOM OF THE BAY

Operating as Rosebud Mini Warehousing, the owners had reached a life stage of resolving an intergen- erational asset transfer. The quality of presentation and maintenance was very high. The owners were obviously very proud of their business. It was put to market in a competitive bidding process in November - December last year. We were successful in the competi- tive process and spent the Christmas and New Year break resolving the final contract. The entire property is 34,000 square metres of land, with a little over 550 storage units and a couple of tenancies. The modest return from the storage centre and leases despite the large land area means the project is more about the development potential of the land and repositioning the asset. Our plans will intensify the self storage centre on the arterial road frontage. While designs are still only concep- tual, we anticipate the project will have several 2-3 level buildings. We will stage the project to ultimately develop 800-1,000 storage spaces. The concept will lift the exposure, profile and enhance the quality of service and product. The takeover on January 31st went well, despite the rapid timing. We also quickly had new Team Members (welcome Amanda and Peter) in place to take on the challenge. The property is vast with many idiosyncra- sies. Pleasingly, the integration is now complete and interim rebranding mostly resolved. This is an exciting project that will completely transform the self storage offer to the local Mornington residents with a more sophisticated storage offer. The acquisition of Rosebud takes our Melbourne network to 14 centres. This will quickly grow to 17 centres with the addition of Craigieburn, Cranbourne and Pakenham. Sam Kennard Chief Executive Officer

I n January we completed the acquisi- tion of the new centre in Rosebud, Victoria. Rosebud is located one hour south of the Melbourne CBD on the Mornington Pensinsula. The Mornington Peninsula is a popular weekend and day trip getaway for Melbournians as well as wider tourist appeal.

tion shift brought on by Covid-19 and the associated government restric- tions, many provincial areas have seen large influxes of people moving in. Mornington Peninsula is another one of these lifestyle communities that has attracted many new residents. This fast shifting demographic made the opportunity at Rosebud particularly appealing.

With the acceleration of the tree-change/sea-change popula-

11 Kennards Kourier April 2022