Kennards Self Storage Acquires National Mini Storage

Sam Kennard CEO Kennards Self Storage and Caroline Plowman CEO National Mini Storage outside NMS Newmarket centre in Auckland.

Australian family-owned and operated Kennards Self Storage has acquired Auckland storage operator National Mini Storage in a competitive on-market campaign run by KPMG. The Auckland portfolio consists of 13 Grade A operating locations with 11,272 storage spaces and 99,247 square metres, and one development property. The portfolio still has a significant proportion of additional build-out and rent-up.

Sam Kennard, CEO of Kennards Self Storage, said “We are delighted to have been successful in the acquisition of the National Mini Storage portfolio. It is an iconic Auckland brand and exceptionally well located and developed portfolio. The strong locations have been very well developed to provide customers a superior experience, setting a high water-mark for quality and service.”

National Mini Storage was established in 1991, inspired by a concept discovered during a visit to Australia. The first facility was developed on land acquired in Penrose, marking the beginning of a steady and strategic expansion. Over the next 3 decades, the company patiently built a strong presence, acquiring and developing locations across Auckland. Today, National Mini Storage stands as the leading metropolitan storage operator in New Zealand’s largest city.

Reflecting on the journey, the founder expressed pride in the business’s reputation and growth, and satisfaction in seeing the assets transition to another privately owned family enterprise, Kennards Self Storage. National Mini Storage CEO Caroline Plowman commented, “It’s been a real privilege to work with National Mini Storage over the past eight years. The culture has always encouraged empowered leadership, with a clear focus on building a high-quality, professional, and well-regarded business. It’s easy to see why Kennards Self Storage are drawn to it – they share similar values and vision. With its strong metropolitan presence, the business is a natural fit for them.”  

Kennards Self Storage first entered the New Zealand storage market in 2007 with a portfolio acquisition across the north island, including properties in Hawkes Bay, Tauranga, Wellington, and Palmerston North. CEO Sam Kennard is a seasoned self storage developer, having grown the Kennards portfolio significantly since he joined the company in 1991.

“We predominantly prefer land acquisition and development of new centres, not acquisition of operating centres. We have very particular location attributes and development quality requirements. Development enables us to build a superior product providing a better customer experience," says Kennard. “The National Mini portfolio possessed the same regard for asset quality and superior location selection that we value. This made it a very compelling opportunity. The additional build-out and rent-up is also something we understand and can execute.”

Self storage is a very attractive segment of the property sector attracting funds from institutional investment groups from around the world. High quality portfolio transactions are very rare, particularly in Australia and New Zealand. It can take decades for an investor to acquire, develop and rent-up a portfolio of prime locations.

“This portfolio represents a generation of entrepreneurial endeavour, risk and hard work,” Sam Kennard explains. “There are no shortcuts to creating a high-quality portfolio. To do so would require concessions on quality or paying a premium for land and then endure lower returns.”

On completion, Kennards Self Storage have a portfolio of 126 operating locations and market value of over $4 billion. New Zealand will have 24 locations and represents 18% of the company’s rentable area.

Read MSM's Exclusive Interview With Sam Kennard

About Kennards Self Storage

Kennards Self Storage is a proud family-owned private company with assets valued at over $4 billion across Australia and New Zealand. The business began as an entrepreneurial endeavour of the founder, Neville Kennard, in 1973 with an experimental development of 100+ storage units in western Sydney. Sam Kennard become CEO in 1994, when the company had 13 locations. Today, Kennards Self Storage is one of the largest privately owned self storage companies in the world, operating 126 locations with 100,939 storage spaces across Australia and New Zealand. (Kennards Self Storage is completely separately owned and operated to Kennards Hire. The Kennard family separated their interests in 1991).

About National Mini Storage

The company began in 1991 with the development of its first facility in Penrose. Over the following three decades, it expanded to 13 well-located operating centres across Auckland. In 1997, it delivered Australasia’s first purpose-built, multi-level “big box” self storage facility with the six-level Cook Street project in Auckland’s CBD – a significant milestone for the industry. Known for its pioneering approach and unwavering commitment to quality, the company has earned multiple industry awards in recognition of its quality standards and innovation.