N.T. Freehold Investment Hotel Quest Darwin for sale by the Tomazos family.

On offer is the freehold interest in the 9-level and 84 key Quest Palmerston Serviced Apartment Hotel, which operates under a long term lease to Quest; and in doing so enjoys a healthy passing Base Rent at September 2021 of $1,467,270 per annum (plus GST).

HTL Property Director Andrew Jackson has been exclusively appointed to manage the freehold sale, in conjunction with local agent Seth Chin of Chin Property Group.

Completed in 2011, the hotel has operated under the Quest brand since that time, establishing a enviable reputation and consistent business performance profile.

Vendors for the sale, the Darwin based Tomazos family, said the decision wasn’t made lightly.

“We have made the decision to offload this investment, as we came to the conclusion that we prefer to be in the business of developing assets, rather than long term holders of assets" advised Vendor, Tony Tomazos.

“We wouldn’t rule out doing another serviced apartment project; as demand for quality serviced apartment accommodation in Darwin is at an all-time high; and there exists a necessity for additional serviced apartment product in the Darwin CBD" Tomazos added.

The Quest Palmerston Hotel, centrally located within the commercial hub of Palmerston City, is widely regarded as the premier accommodation facility in the region; and is one of the few nationally branded accommodation facilities on offer locally.

Palmerston is the largest secondary commercial hub in the Northern Territory, and one of the fastest growing regions of not only the NT, but also Australia.

“Darwin is booming right now and is arguably the investment hot spot of Australia, with a huge infrastructure and development pipeline that has the entire city buzzing and will literally change the landscape of Darwin" advised co- agent and Darwin local, Seth Chin.

“Unlike most hotel offerings throughout Australia, the Quest Palmerston represents a fully leased long-term investment opportunity, underpinned by the leading serviced apartment hotel operator in the Asia Pacific Region" commented HTL Property Director, Andrew Jackson.

“The strata titled asset comprises 84 keys but is held in one line; so also provides an investor the opportunity to explore the individual sell down of apartments as a compelling future exit strategy” Jackson added.

"Recent freehold investment offerings transacted by our firm have resulted in strong capital inflows from listed property trusts, and we expect similar levels of interest in investment grade hotel assets with underwritten fundamentals such as this; particularly in light of the strong underlying Quest lease covenant” Jackson concluded.

The Quest Palmerston freehold investment hotel opportunity is being offered for sale via an Expression of Interest campaign concluding October 28, 2021.

To request a copy of the Information Memorandum please contact the marketing agents via the contact details below.