Quest Dubbo for sale by CBRE Hotels
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Quest Dubbo for sale by CBRE Hotels
Dubbo Quest Hotel freehold interest is for sale via Expressions of Interest by CBRE Hotels' Raymond Tran and Tom Gibson.
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CBRE HotelsQuest Dubbo for sale by CBRE Hotels.
The freehold interest in one of Dubbo’s best-known city hotels, The Quest, has been listed for sale on behalf of a private investment syndicate managed by Findex Financial Advisors.
The CBRE Hotels team of Raymond Tran and Tom Gibson has been appointed to market the Bultje Street serviced apartment hotel, which opened in 2011.
The hotel is situated on a 2,029sqm landholding and is subject to a long-term lease under the national Quest branding.
Mr Tran said Quest’s quality brand offering and substantial, long-term lease would be a considerable drawcard for investors.
“The property is one of the leading accommodation offerings in Dubbo and is one of the city’s few nationally branded hotels,” Mr Tran noted.
“With a current income exceeding $1.3 million and additional upside opportunities, Quest Dubbo will provide an incoming investor with a significant yield premium to its capital city cousins and one that is substantially above the current cost of debt.”
The hotel benefitted from a refresh in 2019 with upgrades to the bathrooms, kitchens and balconies. It comprises 42 rooms - spanning one, two and three-bedrooms - with a restaurant and conferencing space also available.
CBRE’s Mr Gibson said the hotel’s location would be another buyer drawcard, with $5.3 billion in investment and construction projects earmarked for the region in the next six years according to Dubbo Regional Council. A $250 million extension of Dubbo Hospital is also underway.
“The hotel benefits from a strong commercial support base with numerous medical, government, agricultural and educational facilities in the area,” Mr Gibson noted.
“The city also has a large population of more than 50,000 people, with the wider region that it services extending to an estimated 120,000 people. This will ensure that Dubbo will remain the significant commercial and retail hub of the west, underpinned by the fact that - outside of regional coastal markets - Dubbo recorded the strongest growth rate in NSW house prices of 8.7% in the six months to September 2020.”
The Expressions of Interest campaign for The Quest closes 1 April 2021.
For more information and to enquire contact Raymond Tran and Tom Gibson of CBRE Hotels via the contact details below.
To view and download the Information Memorandum with more information click here.
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