Syndicate sells Quest Albury
A syndicate managed by Paul Lachal for Findex and Alceon Funds Management has would up following the sale of Quest Albury, held 12 years.
The five level, 104-key hotel on 3079 square metres at 550 Kiewa Street traded for $28.51 million – an initial 8.04 per cent net passing yield.
Also with conference facilities, a gym, manager’s residence and undercover parking, the hotel operator is on a lease expiring 2048.
There are also two separately rented retail tenancies – occupied by restaurant 2640 and Endota Spa.
HTL Property’s Scott Callow and Andrew Jackson with Dixon Commercial’s Andrew Dixon represented Lachal Property Group.
“Quest Albury is one of the largest properties in the national Quest network on a per-key basis,” they said.
“The campaign attracted significant interest from both private and institutional capital sources – drawn by the asset’s scale, lease profile and prime CBD positioning in the twin-city region of Albury-Wodonga” they added where the population is over 100,000 and annual economic output exceeds $21 billion.
“Major investment into local infrastructure, healthcare, defence, manufacturing and logistics continues to fuel population and employment growth – reinforcing the city’s role as a regional commercial and transportation hub,” according to the executives.
Also today we are reporting the Quest Springfield Central, in Brisbane, sold.
Last week meanwhile, an asset leased to this group in Adelaide’s Mawson Lakes also traded.
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