- No price guide has been disclosed
- The 100-key hotel has 83 studios and 17 one-bedroom apartment over five levels
- The lease has 13 years remaining
The recently developed and leased 4.5-star Quest apartment hotel in North Sydney CBD has been listed for sale.
No price guide has been publicly disclosed.
Located on Miller Street address, the property consists of a completed apartment hotel contained in one stratum lot and set within a mixed-use residential apartment and hotel development.
The 100-key hotel is divided into 83 studios and 17 one-bedroom apartments over five levels, reception and lobby, conference room, gymnasium, sauna and steam rooms. It also includes three basement car parks.
The ground floor is home to a café, with access to not just hotel guests but those working in nearby office towers. There is a total internal area of 220 sqm, with exclusive access to the outdoor area for up to 140 patrons.
Currently, the premises is fully leased with the hotel secured by a 13-year lease and operating under the Quest Apartment Hotels brand, one of the largest serviced apartment operators in Australia.
The lease has fixed-base annual rent increases with reviews each five years plus turnover rent provisions.
“The Quest North Sydney offers investors an excellent opportunity to secure a recently developed, 4.5-star apartment hotel in the key growth market of North Sydney,” said Nick Lower, Savills State Director NSW & VIC Hotels, who has been listed to sell the asset.
“Opportunities like this coming to market are incredibly rare and we expect large amounts of competitive tension throughout the campaign.”
Nick Lower, Savills State Director NSW & VIC Hotels
Savills Director Hotels Max Cooper added, “With the North Sydney office market one of the strongest in the country, and set for further growth in coming years, this property is ideally located to capture the burgeoning corporate demand.”
“Add in a secure rental income from the long-term lease with this award-winning serviced apartment operator, plus the Turnover Rent clauses included and this is an excellent investment opportunity for any incoming owner looking to take advantage of the strength of the office market in North Sydney’s CBD.”
Expressions of interest close 8 December, at 11am.
