HTL Property have been retained as marketing agents in relation to the sale of the freehold investment interest in the Quest Palmerston Serviced Apartment Hotel.
The investment on offer comprises the freehold interest in the 9-level, 84 key Quest Palmerston serviced apartment hotel, which is under a long term lease to Quest (options extending to 2044) and passing Base Rent at September 2021 of $1,467,270 per annum (plus GST).
The hotel, centrally located within the commercial hub of Palmerston City, is generally regarded as the premier accommodation facility in the region and is one of the few nationally branded accommodation facilities. Palmerston is the largest secondary commercial hub in the Northern Territory and one of the fastest growing regions of not only the NT, but Australia.
Palmerston is located at the intersection of major routes for road, rail and air transport, and its economic strength lies heavily in the diversity of industries that reinforce its role as a vibrant regional service centre supported by a thriving retail sector and over 1,581 registered businesses.
The hotel was completed in 2011 and has operated under the Quest brand since that time, establishing a strong reputation and consistent business.
Unlike most hotel offerings throughout Australia, the Quest Palmerston represents a fully leased long-term investment opportunity.
The property is being offered for sale via an Expression of Interest (EOI) campaign closing Thursday 28 October 2021.