06 Oct 2020
Words
Greg Gliddon The Courier, Ballarat
Quest Apartments in Ballarat's CBD has hit the market
AS COVID-19 restrictions begin to be lifted and the likelihood that more and more people will be wanting to travel to regional destinations, now could be the perfect time to move into the accommodation market.
While many Ballarat pubs have recently changed hands in preparation for a new dawn, it's rare that a large accommodation centre is put on the market, but now is that time for Quest Apartments in Dawson Street.
As the apartments get set for a new fit out - which means it will look much the same in the interior as the brand new hotel being built at Ballarat Station - the opportunity now exists for someone to take over the leasehold of the central Ballarat property.
As the apartments get set for a new fit out - which means it will look much the same in the interior as the brand new hotel being built at Ballarat Station - the opportunity now exists for someone to take over the leasehold of the central Ballarat property.
The property's leasehold, which comprises 53 apartments made up studios, one, two and three bedroom apartments, is on the market for $2,580,000.
"It's an outstanding central Ballarat property, with major performance throughout the COVID period," said ResortBrokers Victoria specialist, Damon Lunardello.
The advertisement, which can be viewed at resortbrokers.com.au says the net profit is just below $650,000.
"The large net profit (is) boosted further by $104,000 rent reduction with strong year on year growth, an outstanding CBD Location in historically significant building with a secure 25 year lease," it says.
Quest's Chief Operating Officer, David Mansfield said regional properties have been the most resilient and he predicts will be the leaders in the recovery of the accommodation market coming out from COVID-19.
"In our regional and suburban locations, Quest is generally outperforming the wider market. This is testament to the strength of our serviced apartment product and underlying corporate demand," Mr Mansfield said.
"As restrictions continue to ease, it's wonderful to see guests from surrounding regional areas gradually returning to Quest Ballarat, and we expect that metropolitan Melbourne will follow suit in the near future."
Damon Lunardello said the property had been one that had performed "exceptionally well throughout the COVID-19 period".
"It's a very high performing business and is being fully refurbished as we speak," Mr Lunardello said.
"It's an outstanding central Ballarat property, with major performance throughout the COVID period.
"Clearly Quest has identified Ballarat as a high performing visitor town going forward. It's a standout apartment property that It would make an excellent purchase."
