Quest Ballarat put on the market

George Sell George Sell Uploaded 30 September 2020

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Australia: The leasehold for Quest Ballarat has been put up for sale, with an asking price of AUD$2,580,000.

The property, which is undergoing a refurbishment, comprises 53 units made up studios, one-, two- and three-bedroom apartments.

Quest COO 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," he 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."

Sales agent Damon Lunardello said: "It's a very high performing business and is being fully refurbished as we speak 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."

A second Quest property in Ballarat is due to open next year.

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