Quest South Brisbane has hit the market, offering a rare opportunity to secure a fully-leased hotel investment.
The property, located at 46 – 50 Water Street, is being sold by CBRE Hotels’ Raymond Tran and Hayley Manvell via an Expressions of Interest campaign.
The hotel is subject to a long-term lease under the national Quest branding until 2023, underpinned by a partnership with Ascott.
Mr Tran said the hotel was situated near the Queen’s Wharf Casino precinct – one of Brisbane’s priority development areas.
“The area is poised for growth with significant infrastructure developments underway ahead of the 2027 Rugby World Cup and the 2032 Olympic and Paralympic Games.
“The hotel’s robust lease covenant with Quest will undoubtedly be attractive to savvy investors at a time when Brisbane is investing in capital growth with an unprecedent level of infrastructure and development planned,” Mr Tran added.
The hotel occupies a 1,147sqm freehold site with 64 rooms and modern amenities including an outdoor pool, gym, and rooftop terrace with magnificent 360-degree views of the Brisbane skyline and river.
Ms Manvell said, “Long-term leased hotel investments are highly sought after in the accommodation investment market due to their stable and secure income potential. Brisbane’s accommodation supply pipeline remains limited, with only 193 rooms under construction, outside the Queen’s Wharf Casino luxury hotel developments. With heightened construction costs making new builds increasingly unfeasible, and with a scarcity in new room supply to cater to rising demand, this is enhancing the value of existing hotels.”
Located close to South Bank’s Parklands and Streets Beach and within walking distance to cafes, restaurants and shops, the hotel attracts a range of guests from those on business trips through to family holidays. The hotel is also close to the Mater Hospital, Queensland Children’s Hospital, Princess Alexandra Hospital and the Ecosciences Precinct.
The Expressions of Interest campaign closes on Thursday, 28 November 2024 (unless sold prior).
