StoreLocal Acquires Two Western Sydney
StoreLocal, backed by BlackRock, has bought two new self-storage facilities in Western Sydney for A$57 million, continuing its aggressive expansion in Australia's fastest-growing population centres.
StoreLocal, the BlackRock-owned self-storage provider, has acquired two newly developed storage facilities in Western Sydney for a combined A$57 million ($41 million). The purchases are part of its plan to expand operations across Australia's fastest-growing population centres and regional areas. The Brisbane-based company paid A$34 million for 3 Holbeche Road, Arndell Park, and A$23 million for 5 Abel Street, about 20 kilometres further west in Jamisontown. The assets have more than 15,200 square metres of combined net lettable storage space. StoreLocal chief executive Hans Pearson said the facilities reinforce the company's commitment to investing in high-quality assets in markets with strong long-term demand, noting Western Sydney's significant population and business growth.
The Jamisontown facility occupies a 6,306-square-metre site and provides 6,172 square metres of storage area over three levels, according to CBRE. It was sold with vacant possession. The Arndell Park facility provides 9,060 square metres of storage area across three levels on a 9,008-square-metre site. It was acquired while under construction, with the sale settling upon completion this month. CBRE's John Micallef, who managed the sale, said the transactions highlight strong demand for high-quality self storage assets with modern design and strategic positioning.
Both assets are newly completed redevelopments built by construction company Akura. StoreLocal's expansion follows a period of growth after BlackRock bought a majority stake for more than A$400 million in May 2025. Since then, StoreLocal has added five Western Australian properties, opened new facilities in Victoria and Queensland, and filed plans for new builds in West Perth and the Gold Coast. It also plans to open a new facility in Queensland this year to serve coastal districts around Redland Bay.
Institutional interest in Australia's self-storage sector is rising. In May, a consortium of Canada's Brookfield Asset Management and Singapore's GIC completed a buyout of National Storage, Australia's largest operator, valuing it at A$4 billion. Brookfield also recently acquired the Cornerstone Logistics Estate in Western Sydney's Nepean Business Park, a project set to deliver 47,000 square metres of warehouse space upon completion in mid-2027. CBRE's Brendan Wein noted that investors are now more selective, seeking quality assets in land-constrained precincts rather than chasing yield in isolation.
