Pellicano Group has sold the Quest Woolloongabba to Singapore based real estate investment company Invictus Developments for $43.8m. The asset is a modern apartment hotel comprising 132 keys and four ground-floor retail tenancies. The property benefits from a strong 12 year WALE by income, with 94% generated by a lease to Quest.
Quest Woolloongabba is strategically located within immediate proximity to “The Gabba,” which will be used as one of the primary venues for the 2032 Brisbane Olympics.
“In line with our investment target in Australia, we are delighted to add Quest Woolloongabba to our hotel portfolio in Australia. The hotel has an excellent growth story stemming from the 2032 Brisbane Olympics and its associated infrastructure drive and is underpinned by a quality tenant in Quest,” said Chayadi Karim, principal of Invictus Developments.
Sam McVay McVay Real Estate who negotiated the off market sale stated, “Hotel investment volumes topped $2Billion in the last 12 months and we’re seeing record levels of Buyer demand for Australian Hotels.”
