Savills has listed for exclusive sale a recently developed and leased 4.5-star Quest apartment hotel strategically located in North Sydney CBD.
With a highly desirable Miller Street address, the property comprises a recently completed apartment hotel contained in one stratum lot and set within a mixed-use hotel and residential apartment development.
The hotel features 100 well-appointed keys, divided into 83 studios and 17 one-bedroom apartments over five levels, reception and lobby, conference room, gymnasium, sauna and steam rooms and three basement car parks.
Also included is a café on ground floor – servicing not only hotel guests but those corporates working in surrounding office towers – with a total internal area of 220sqm and exclusive access to the outdoor area with Council approval for up to 140 patrons.
The premises is fully leased with the hotel secured by a lease with thirteen-year lease remaining and operating under the Quest Apartment Hotels brand, one of Australia’s largest serviced apartment operators. The lease has annual fixed base rent increases with market reviews each five years plus turnover rent provisions.
Nick Lower, Savills State Director NSW & VIC Hotels, says “The Quest North Sydney offers investors an excellent opportunity to secure a recently developed, 4.5-star apartment hotel in the key growth market of North Sydney.
“Opportunities like this coming to market are incredibly rare and we expect large amounts of competitive tension throughout the campaign.”
Max Cooper, Savills Director Hotels agrees, commenting, “With the North Sydney office market one of the strongest in the country, and set for further growth in coming years, this property is ideally located to capture the burgeoning corporate demand.
“Add in a secure rental income from the long-term lease with this award-winning serviced apartment operator, plus the Turnover Rent clauses included and this is an excellent investment opportunity for any incoming owner looking to take advantage of the strength of the office market in North Sydney’s CBD.”
This property at 223 Miller Street, North Sydney is listed for exclusive sale by Nick Lower, Max Cooper and Selin Ince of Savills Australia and New Zealand.
Expressions of interest close 8th of December at 11am (AEDT).