Kennards Self Storage of Australia has purchased an office complex in Hawthorn, Victoria, for $12 million. The company intends to redevelop the existing buildings at 453 Auburn Road, which comprise 14,672 square meters of leasable space and basement parking under one of the structures, according to the source. The complex is opposite Patterson Reserve and the Monash Freeway.
The property had been on the market since last year, with Kennards outbidding several other investors, the source reported. It was owned by Cabrini Health, which moved last fall to a new, high-tech complex a few miles away. Cabrini purchased the property in 1996 for $2.5 million.
The portion of Patterson Reserve the property overlooks is also home to Boroondara Farmers Market.
Based in Sydney, Kennards operates more than 70 self-storage locations in Australia and New Zealand.
Sources:
- The Sydney Morning Herald: Capital Gain: Kennards Locks in Deal for Prominent Office
