Storage business for sale
David Bain champion and businessman Joe Karam has placed his Marton storage business and property on the market.
It consists of 49 units in a selfstorage facility on the corner of High and Bowen streets in Marton, which has about 5000 residents and is the main town in the Rangitıkei district, about 30 minutes from Palmerston North and Whanganui.
Bayleys Real estate agent Russell Duggan said the property provided three income streams and enjoyed 95 per cent to 100 per cent occupancy.
The 1705 square metre site was developed to store grain, seed and other agricultural products by Hodder & Tolley and was redeveloped by JK Storage as a selfstorage facility in 2017.
Public records show JK Storage is owned by Joe Karam, who lives in Marton and bought the property more than two years ago. He declined to comment on the sale.
The land, buildings and business are offered for sale by tender closing on October 24, Bayleys said.
The property consisted of two buildings with storage units in each.
They ranged from 7 cubic metres to 40 and had been built inside Hodder & Tolley’s existing structures. They were built in several stages from September 2017 to September 2018 to meet demand.
Surplus land was used as outside storage for motor vehicles and containers and that offered space for potential development and expansion. JK Storage was an owner-operated business with dayto-day administration averaging about two to three hours a week, Duggan said.
Recent comparable sales included Whakatane’s East Bay Secure Storage, a purpose-built, 106-unit facility on a 2113sqm site, which sold for $1.5 million.