- The hotels freehold interest is for sale
- Situated on a 2,029sqm landholding
- Long-term lease currently in place with Quest
The Quest Dubbo, one of the best-known hotels in the regional NSW city, has its freehold interest listed for sale.
The Bultje Street serviced apartment hotel, which opened in 2011, sits on a 2,029sqm site with a long-term lease in place under the national Quest branding.
The rooms are one, two and three bedrooms with conference space and a restaurant also on site. A refit also occurred at the 42-room hotel back in 2019, with upgrades to the bathrooms, kitchens and balconies, improving the hotel’s offerings.
The CBRE Hotels team consisting of Raymond Tran and Tom Gibson are managing the sale on behalf of a private investment syndicate managed by Findex Financial Advisors.
Mr Tran is optimistic about the sales campaign.
He says the lease with Quest and the fact it is one of the strongest performing hotels in the Dubbo area are both among the properties drawcards.
“Quest Dubbo will provide an incoming investor with a significant yield premium to its capital city cousins and one that is substantially above the current cost of debt,” said Mr Tran.
Mr Gibson further added the location of the hotel will benefit from $5.3 billion in investment and construction projects for the region earmarked within the next six years, according to the Dubbo Regional Council.
This in conjunction with the city’s population that totals more than 50,000 – with the wider region extending this figure further to 120,000 – makes the city an important commercial support base.
“This will ensure that Dubbo will remain the significant commercial and retail hub of the west, underpinned by the fact that – outside of regional coastal markets – Dubbo recorded the strongest growth rate in NSW house prices of 8.7% in the six months to September 2020,” said Mr Gibson.
