National Storage REIT (ASX:NSR) has teamed up with a developer, the Leyshon Group, to acquire a 6,900 sqm property at Bundall in the Gold Coast.
The REIT will invest 25% to develop the property, while Leyshon will contribute 75% of the development cost.
The property currently comprises retail and warehouse components. And the REIT plans to retain the existing 2,400 sqm retail component, and the warehouse component will be redeveloped into a multi-level, state-of-the-art storage centre.
The purchase price for the Bundall site is $14.75 million, with settlement planned this month.
Yesterday, National Storage REIT shares closed 0.35% lower at $1.42.