Queensland Quest trades for $14.2m
Another Quest backed investment has sold, this time at Ipswich.
The 4-star serviced apartment complex at 57-63 Warwick Road was bought by a New South Wales investor for $14.2 million – an 8.25 per cent net passing yield.
With 32 units there are 64 keys.
A $1.2m refurbishment was recently completed upgrading the kitchens and bathrooms.
Spreading 4556 square metres, the holding also includes an office, pool and parking.
Burgess Rawson from CBRE with HTL Property were the agents.
The seller, Stephen Copulos, once owned over 40 KFC restaurants (continues below).
Quest is on a lease at Ipswich expiring 2029 with annual rent rises at CPI, or a minimum 2pc.
Another Quest deal
With options the operator can stay at Ipswich until 2054.
The deal comes six weeks since we reported a syndicate managed by Paul Lachal for Alceon Funds Management and Findex sold Quest Albury, with 104 keys over five levels.
Also in September, a Singaporean syndicate sold Quest Mawson Lakes, in Adelaide, with 66 suites.
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