Quest to build 10 new serviced apartment buildings in NSW over next two years
Serviced apartment group Quest has announced plans to build ten new apartment buildings in NSW by 2014.
These are in addition to three new properties that will open in Queensland, one in outer Melbourne, one in regional Victoria and another in the Adelaide CBD this year.
New serviced apartments will be built in Albury, Shellharbour, Nowra, Orange and Liverpool with five further locations yet to be revealed.
The announcement was made by Quest chairman Paul Constantinou alongside NSW premier Barry O’Farrell at the opening of the group’s latest property at Sydney Olympic Park.
The increase in accommodation will be aimed at extended-stay business travellers.
The new buildings will increase Quests total stock of rooms by over 70%, taking pressure off existing apartments targeting business travellers of four or more nights per stay.
“This investment follows the increasing need by business travellers for accommodation in the State’s regional and suburban hubs where traditional accommodation options are no longer meeting their needs,” says Constantinou.
“This year, we will commence construction at five new locations - in Albury, Shellharbour, Nowra, Orange and Liverpool. We will continue this expansion, with another five properties to commence in the following year.”Quest currently has 21 properties in NSW, providing accommodation to approximately 120,000 extended stay business travellers.
On completion of these projects, Quest aims to have a total of 2,365 rooms in NSW hosting around 200,000 travellers annually.
Quest will build serviced apartments in regional areas where the NSW government is spending on infrastructure.
“Quest is building properties in areas where there has been significant investment in public and private infrastructure such as roads and rail, hospitals, educational institutions and retail precincts.”
“This commitment to investment in thriving regional and suburban locations across NSW demonstrates business confidence in long term growth across the State,” said O'Farrell.
The group has been active in recent years with its expansionary plans.
In July last year, Quest agreed to lease all 131 apartments that form the residential component of the Kyren Group's $100 million mixed-use building in the Adelaide CBD.
In May last year Quest signed a lease with the Deague family’s Asian Pacific Group for a $50 million refurbishment of the Peninsula Centre in Frankston. This project consists of 81 serviced apartments within the 150 apartment building, to be completed in early 2013.
Established in 1988, Quest currently has 140 properties across Australia, New Zealand and Fiji.
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