Leading Ipswich hotel up for sale amid spike in demand for Queensland accommodation assets
The Quest Ipswich Apartment Hotel in South East Queensland has been listed for sale as border restrictions are wound back.
Wayne Bunz and Hayley Manvell of CBRE Hotels have been exclusively appointed to sell the freehold interest in the property, as demand for accommodation assets in Queensland continues to rise.
Situated on a substantial 4,556sqm site, the hotel comprises 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.
The serviced apartment hotel, which underwent significant refurbishments in May 2021, was last year recognised by TripAdvisor as Australia’s ninth best hotel.
CBRE Hotels’ National Director Wayne Bunz noted that the hotel was underwritten by a strong and secure long-term lease to a Quest franchisee with options through to 2049, providing an incoming purchaser with a secure and stable long-term income.
“Freehold investments within the hotel industry are highly sought after and tightly held. Due to their rarity in our industry coupled with record low interest rates and the Queensland border reopening, this asset will be hotly pursued by the investment community,” Mr Bunz said.
Ms Manvell added, “2021 was a record year for hotel investment activity, with a number of investors moving their capital north into the Queensland market. This is a trend which is expected to only accelerate, with investors who missed out on recent acquisitions eagerly seeking to get a foothold into the Queensland market”.
“This capital is eagerly seeking capital growth, and with Ipswich undergoing a period of sustained economic growth and infrastructure development, forward looking investors will seek to take advantage of the long-term returns this opportunity offers as the city continues to grow and develop.”
Quest is the largest and fastest growing apartment hotel operator the Pacific market.
Ipswich is situated approximately 40 minutes from Brisbane city in a strong growth corridor, currently Queensland’s fastest growing city, and the state’s sixth largest LGA.
Ipswich has recently seen the completion of the $25 million refurbishment of the Ipswich Hospital, which is part of stage 1 of West Moreton Health’s 15-year master plan. Other projects in stage 1, in which the Queensland Government has committed over $140 million, will see the construction of a new acute mental health unit, four inner-city properties, and a new MRI suite at the hospital.
The Quest Ipswich Apartment Hotel will be sold via an Expression of Interest campaign closing 8th March 2022 (unless sold prior).