Opportunity to secure a new hotel in Sydney’s vibrant Sutherland Shire1 May 2023
Property group Novm has listed for sale the newly built Quest Woolooware Bay, part of the $1 billion Woolooware Bay Town Centre mixed-use development.
Located in the centre of Sydney’s Sutherland Shire, the serviced apartment hotel is due to open in the third quarter of 2023 and is leased to Quest Hotels, offering 40 apartments (71 keys) as well as conference facilities, a business lounge and gym.
Quest Hotels is a member of The Ascott Limited chain of hotels, the largest serviced apartment network in the world.
CBRE’s Michael Simpson and Vasso Zographou are managing the sale via an Expression of Interest campaign closing Friday, 02 June 2023.
“We’re expecting this campaign to generate interest from both domestic and international buyers, with the lease to Quest providing a stable and secure income stream backed by a quality operator,” Mr Simpson said.
“Novm is an established property group that leverages years of experience and industry-leading insight to deliver an extensive range of high-quality residential and mixed-use projects.”
The Woolooware Bay Town Centre comprises of approximately 900 residential apartments, The Sharks Leagues Club and 18,000sqm of retail amenity. When completed it is expected to house 2,500 residents.
Mr Zographou added, “Located adjacent to the Pointsbet Stadium, home to the Cronulla Sharks, the hotel will benefit from NRL team supporter demand during the football season as well as access to key demand generators such as beaches, national parks, commercial centres, industrial parks and hospitals.”