This article is from the Australian Property Journal archive
THE Quest Apartment Hotel in Ballarat is being offered for sale.
The Quest complex at 7-11 Dawson Street North, Ballarat, is being marketed via Expressions of Interest by Ray White Ballarat Director Phillip Lee, Matthew Holland of Ray White Business Sales and Charlie Yankos of Ray White Commercial.
Lee said the building, which is securely leased to Quest Apartment Hotels, comprises 55 fully self-contained studio, one, two and three bedroom apartments over three levels.
“This is an exceptional opportunity to own a freehold building leased by one of Australasia’s largest and most successful apartment hotel brands,” he said. “The multi-titled building is the largest apartment complex in Ballarat and has a high occupancy level from a wide range of business and corporate clients,”
The property has a lettable area of approximately 4,300 sqm and is situated on a land area of approximately 3,622 sqm. It is zoned ‘Commercial 1’ and has 34 car spaces.
Holland said the leasing arrangement with Quest Apartment Hotels includes fixed 4% annual rental increases during lease terms.
“The lease to Quest Apartment Hotels with options runs for 25 years from 2020, making this a premium investment opportunity anchored by a blue chip national tenant,” he said.
Australian Property Journal
