The Quest Albury has hit the market, offering a rare opportunity to secure a fully-leased freehold Quest investment in a thriving regional city.

The freehold sale of the property, located at 550 Kiewa Street in Albury, is being exclusively steered by HTL Property Directors, Scott Callow and Andrew Jackson; in conjunction with local agent Andrew Dixon of Dixon Commercial on behalf of a local investment syndicate.

Quest is the largest and fastest growing apartment and hotel operator in the Pacific market.

“The hotel, which on a per key count is one of the largest in the Quest network, is subject to a strong and secure long-term lease to an experienced Quest franchisee; with operations running until 2048 and current rental of circa $2.25 million” advised HTL Property’s National Accommodation Director, Andrew Jackson.

Image Supplied - HTL Property — Credit: Dylan Webber, Director Video Domain

“This sale process provides an opportunity for an astute investor to acquire a significant accommodation asset in a thriving growth region” Jackson added.

Albury-Wodonga is located half-way between Sydney and Melbourne, across the Victoria-New South Wales border; and represents the major regional hub for the Murray region in both states. Boasting a diverse economy with manufacturing, defence, and professional services; the region underpins a population in excess of 100,000 people, generating over $21 billion in economic output.

The city is recognised as one of Australia’s most important regional hubs, with major public and private investment in upgrading the infrastructure and developing the manufacturing economy. The city is home to major national and international operations, with a major Australian Defence Force base, Woolworths Regional Distribution Centre and major Australian Tax Office departments. Infrastructure projects including the upcoming Inland Rail Line connecting Albury-Wodonga to major ports and bolstering its status as a manufacturing and export hub, also include the Defence Force process of upgrading and constructing new accommodation and modernization of its existing base.

Quest Albury is located in the heart of Albury’s commercial centre, with Albury City Council and the NAB Business Centre directly across the road; and major office buildings on either side occupied by numerous small and medium sized businesses. The property itself is just a 5 minute walk to the main entertainment precinct, with two major shopping centres, Dean Street’s restaurants and bars; and Queen Elizabeth II Square all within 500 metres. Quest Albury is easily accessible to Albury Airport and less than a 10 minute drive, whilst Albury Train Station is only 5 minutes down the road and bus stops along Kiewa and Dean Streets provide multiple commuter options.

Albury-Wodonga stands as the major centre of the Riverina’s agricultural economy, providing professional services, freighting and transport; and links to major ports by both road and rail. As the largest city in the area Albury-Wodonga provides the region’s major health services incorporating five hospitals and numerous specialist centres. Education stands as another prominent driver of Albury-Wodonga’s economy, with two TAFE Campuses, La Trobe University, and Charles Sturt University providing tertiary education to over 6,000 students each year.

The recently renovated asset is situated on a 3,079sqm site comprising the 104 key serviced apartment hotel with studios and apartments ranging from one to three bedrooms. Complete with multiple conference centres, guest gymnasium, and on-site parking, Quest Albury is the premier accommodation offering in the Albury-Wodonga area. The property is completed by two retail tenancies, 2640 Restaurant & Bar and Endota Spa luxury wellness centre; providing diversity and flexibility of income.

“The property has recently undergone a refurbishment totalling around $2m which will offer depreciation benefits for an incoming investor, with guest reviews a testament to the excellent presentation of the property” commented Scott Callow.

“Freehold accommodation properties with a robust covenant profile to long-term tenants are tightly held assets and are consequently seldom traded. As such, we expect investor interest throughout this campaign to be particularly strong” added Callow.

The hotel is subject to a long-term lease under the national Quest branding until 2048, providing over 23 years of the term remaining.

“Long-term leased hotel investments are highly sought after in the accommodation investment market, due to their stable and secure income potential. With continuing heightened construction costs making new builds challenging, and with a scarcity in new room supply to cater to rising demand, this is enhancing the value of existing hotels” concluded Jackson. The Quest Albury is being offered for sale by Expression of Interest.