A major hotel in one of South-East Queensland’s fastest growing regions has sold for almost $27 million.
Savills Australia and New Zealand National Director, Hotels Nick Lower said Quest Springfield Central had been purchased by boutique funds management company Serene Capital for $26.7 million.
Mr Lower told The Hotel Conversation the modern 4-star apartment hotel, completed in 2018, comprised 82 serviced apartments and three additional tenancies, including Guardian Early Learning Centre, Better Life Pilates, and a vacant tenancy.
“Quest Springfield Central presented a rare opportunity to secure a high-quality, income-generating asset in one of Australia’s most dynamic growth corridors.
“This acquisition reflects Serene Capital’s strategic focus on assets that deliver stable, long-term returns. With the strength of the Quest brand and long-term lease security, the property offers a secure income stream backed by a proven franchise model.”
Mr Lower said Springfield Central continued to be driven by sustained investment in health, education, and sporting infrastructure, with the hotel ideally positioned within the Health City precinct, directly opposite the Mater Private Hospital and adjacent to the soon-to-be-completed 174-bed Mater Public Hospital, ensuring ongoing demand for quality accommodation.
Savills Australia and New Zealand Director, Hotels Max Cooper said the sale underscored the robust demand from institutional investors seeking exposure to high-performing accommodation assets, particularly in growth precincts associated with healthcare and infrastructure development.
“Notably, the asset’s passing net income has increased from $1.98 million to $2.043 million, reflecting a passing yield of 7.65 percent,” Mr Cooper said.
