Pair of SEQ Quest Hotels hit the market

A duo of Quest-branded hotels in the southeast Queensland locations of Chermside and Ipswich have been listed for sale by a private owner.

CBRE’s Wayne Bunz and Hayley Manvell are managing the sales via an Expression of Interest campaign, closing 23 March 2023.  

Quest is the largest and fastest growing apartment and hotel operator in the Pacific market.

“Both hotels are subject to strong and secure long-term leases to Quest franchisees, with operations running until 2038 and 2049 and rental amounts of circa $1.35 million and $1.11 million for Chermside and Ipswich respectively,” Mr Bunz said.

“These sales provide the opportunity for an investor to acquire two significant accommodation footholds across the southeast, both of which are ideally positioned amongst the region’s most rapidly expanding growth corridors.”

Ipswich City is located 40 minutes from Brisbane and is Queensland’s fastest-growing city, with an estimated population of over 150,000 by 2036.

Chermside is an economic and employment hub in Brisbane’s northern corridor and is underpinned by health care exposure, retail, sporting groups, government industry and defence force presence.

The recently renovated Quest Ipswich is situated on a 4,556sqm site and incorporates 32 self-contained apartments across 64 keys in studio, one-, two- and three-bedroom configurations. Guest services in the hotel include a meeting and conference room, on-site reception, outdoor swimming pool, and on-site parking.

Situated on a 1,220sqm site, Quest Chermside comprises 54 serviced apartments with studio and one-bedroom configurations, on-site reception, meeting and conference facilities and undercover parking.

Ms Manvell added, “Freehold accommodation properties with a robust covenant profile to long-term tenants are tightly held assets and are seldom traded, as such, we expect investor interest throughout this campaign to be strong,”

“South Queensland’s accommodation and hotel industry is booming, seeing incredibly strong trading conditions. With a development pipeline and the Olympics just around the corner, southern and offshore capital sources will continue to look to acquire quality accommodation assets in the region.”