Fremantle Quest Apartment Hotel, located in the city’s historical west-end precinct, has been listed for sale through CBRE Hotels.
Opened in 2016 and leased by one of Australasia’s largest serviced apartment hotel operators, the near-new Quest Apartment Hotel comprises 122 modern, upscale rooms.
Situated at 8 Pakenham Street, the 1,805sqm freehold site was originally developed in the 1920s, with original heritage aspects of the building retained to complement the surrounding historical precinct.
CBRE’s Aaron Desange and Ryan McGinnity have been appointed to steer the sale campaign on behalf of Sirona Capital.
Regarded as one of the top accommodation providers in Fremantle, the Quest Apartment Hotel caters to corporate and leisure tourist demand, including the Australian Navy and local industry associated with the nearby Henderson and Jandakot business parks.
Mr Desange said the asset represented a premium investment opportunity with strong fixed income growth.
“With 10 years remaining of the original lease and three further five-year options, this modern apartment hotel offers an incoming purchaser the rare ability to own a hospitality asset with minimal investment risk,” he said.
“As Australians reconnect with one another through corporate and holiday travel, hotels and hospitality business within established tourism spots such as Fremantle, anticipate steady growth in months and years to come.
“Fremantle is currently experiencing a generational change. Huge public and private investment over the past three years has coincided with gentrification of public places – along with the opening of venues such as the Old Synagogue and Republic of Fremantle.
“These changes continue to cement Fremantle’s reputation as being a renowned hub of culture, arts and local entertainment.
“The opportunity to acquire a modern, securely leased and well-located hotel that is set to benefit from increased domestic corporate and holiday travel, will appeal to many buyer groups, including local, domestic and offshore.”
The Quest Apartment Hotel is being offered for sale via Expressions of Interest.