Quest signals WA expansion with new Port Hedland development

Quest Serviced Apartments has identified Port Hedland as its next West Australian location, committing to a 20 year lease (with two ten year add-on options) for a new 120-apartment development.

Quest, which has more than 140 serviced apartment properties in Australia, New Zealand and Fiji has a national growth agenda of 8-10 new properties each year, the majority of which are likely to be in booming regional locations like Port Hedland.

Paul Constantinou, Chairman, Quest Serviced Apartments said the Port Hedland development will ease undersupply and support future growth in the resources-rich Pilbara region.

"Port Hedland is entering a period of unprecedented growth as the resources sector invests in construction and development of port and mining infrastructure. There is currently no quality accommodation to support businesses throughout this growth," he said.

"West Australia and more immediately, the Pilbara region are in our sights as being severely undersupplied with flexible, quality accommodation for the specific needs of business travellers, particularly those travelling for extended periods for projects," said Mr Constantinou.

The Port Hedland Quest development will not only ease the accommodation shortage, but provide a solid long-term opportunity for investors. 

Conray Passaris, Director, Realmark Commercial said, "Research reveals that private investors are actively seeking this type of investment, over and above alternate property investment opportunities.

"This is due to the physical nature of the product, the opportunity for personal tax offset benefits and stability of investment returns via long-term leases to proven operators.

"Over the past 25 years the serviced apartment property sector has become a very established market segment that is out-performing other asset classes in the provision of traveller accommodation," said Mr Passaris.

Chris Adams, General Manager of the State Government's Pilbara Cities project welcomes the Quest development, saying "Investment in high quality accommodation projects like this one will assist in alleviating the current accommodation shortage and go a long way towards turning Port Hedland into a regional city of the North," said Mr Adams.

Over the past 23 years, Quest Serviced Apartments, which pioneered the serviced apartment industry, has established itself as a trusted national brand with business travellers and corporate clients. 

Quest's focus on the business traveller and its ability to quickly develop in emerging growth areas, has allowed it to maintain a strong growth agenda and achieve ongoing year on year revenue growth. Over the past six years, Quest has grown its revenue by double digit percentages each year – even through the GFC.

Construction of the 120-apartment Quest Port Hedland is expected to commence towards the end of 2011.

Sale of a select number of the leased strata titled apartments will commence shortly through joint selling agents Hedland First National and Realmark Commercial, Special Projects.

 http://www.questapartments.com.au/