The biggest challenge in undertaking this project was arranging inspections in conjunction with the travel restrictions imposed by COVID-19. This made it difficult for the team to inspect each asset as they would have in previous years. To overcome this challenge, our experts briefed the broader Colliers’ Valuation & Advisory Services team who could deploy local valuers to inspect each asset.
The team reviewed the trading performance of each facility to ascertain maintainable operational levels along with identifying any potential opportunities for operational efficiencies. Data was benchmarked against the Colliers Self Storage Rating System and internal databases.
As part of the assignment, the team conduct their analysis of each facility on a standalone basis as well as on the basis that it forms part of Kennards Self Storage’s national portfolio.
Colliers is appointed annually to value a tranche of the Kennards Self Storage portfolio for Financial Reporting and First Mortgage Security purposes. In addition, the team conduct a review of land tax liability and analysis of Valuer General land values.
The assignment resulted in valuation uplift across all assets with the team producing a full comprehensive valuation report on each facility ahead of schedule. In addition, the team assisted Kennards Self Storage with submitting Land Tax objections which ultimately led to a reduction in land tax liability.
“The Colliers self storage valuation team, lead by Dylan Adams, have undertaken valuations for our business for a number of years. They have developed a strong capability, understanding and expertise in the sector and are well regarded by industry stakeholders.”
Kennards Self Storage