Quest Macquarie Park sold for $46 million
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Quest Macquarie Park sold for $46 million
Quest Serviced Apartments in Sydney's Macquarie Park sold to Ascott Residence Trust in a deal brokered by Michael Simpson Savills Australia.
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Savills AustraliaQuest Serviced Apartments Macquarie Park.
Ascott Residence Trust has snapped up the Quest Serviced Apartments in Macquarie Park for $46 million on a yield of mid five per cent.
Located at 71 Epping Road, Macquarie Park, the property offers 111 serviced apartment-style hotel rooms comprising a mix of studios, one and two bedrooms apartments, with full kitchens and laundry facilities.
Savills Australia Hotels Managing Director Michael Simpson, who negotiated the off-market sale on behalf of vendor Tuggeranong Valley Rugby Union and Sports Club Limited (Vikings Group), said the transaction reflected the strong appetite for Australian hotels from offshore capital.
At a glance:
- Quest Serviced Apartments in Macquarie Park has been sold to Ascott Residence Trust for $46 million.
- The property offers 111 serviced apartment style hotel rooms comprising a mix of studios, one and two bedrooms apartments, with full kitchens and laundry facilities.
- The deal was negotiated by Savills Australia Hotels Managing Director Michael Simpson on behalf of Tuggeranong Valley Rugby Union and Sports Club Limited (Vikings Group).
“The Quest Macquarie Park is a high-quality serviced apartment hotel located in a concentrated employment node, with a range of corporate demand drivers in immediate proximity," he said.
The interior of one of the apartments. Source: Quest Macquarie Park
"The interest and pricing shows the highly attractive nature of Australian hotels, the high yield compared to other global markets, and the acknowledged safe-haven status of Australian real estate."
Quest offers 24 hour on-site reception and management, breakfast options and local restaurant chargeback, pantry shopping, valet dry cleaning, guest laundry, outdoor BBQ area, business administration services and conferencing and a gymnasium.
The reception at Quest Macquarie Park. Source: Quest Macquarie Park
Ascott Residence Trust Managers CEO Beh Siew Kim said the acquisition of Quest Macquarie Park Sydney was in line with ART’s strategy to enhance returns for its stapled security holders while strengthening investments in developed markets.
“The Quest serviced residence, which is well-located in Sydney’s second largest business district of Macquarie Park, will be under a master lease agreement and will add to our stream of stable income," she said.
"The annual rent under the master lease agreement provides an EBITDA yield of mid 5 per cent and is also indexed at a 4 per cent increase each year, subject to periodic market review."
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