Brisbane based property fund manager, Stronghold Investment Management has secured Quest Apartment Hotels for its latest wholesale property trust. Quest have agreed to a 15-year lease for a 3-level 90 key serviced apartment hotel, above two levels of basement car parking.
The new hotel will occupy a high profile location on Logan Road, in the heart of the Innovation Precinct, within walking distance of the corporate offices of Toshiba, Johnson & Johnson, Woolworths Limited and Siemens. It will be constructed by experienced Business and Technology Precinct developer, Graystone Group.
“We are delighted to partner with Stronghold Investment Management to develop a brand new Quest Apartment Hotels property at Brisbane Technology Park. The suburb of Eight Mile Plains is home to the offices of a number of our key corporate clients, and we look forward to meeting their needs for spacious apartment style accommodation for extended stay business travellers,” Zed Sanjana said, Chief Executive Officer of Quest Apartment Hotels.
“Tenants within Brisbane Technology Park have been telling us for quite some time now that the estate needs serviced hotel accommodation and we are delighted to be partnering with Quest to deliver a high quality development which will further enhance the amenity of Brisbane Technology Park,” said Stronghold Executive Director, Steve de Nys.
The Stronghold BTP Hotel Trust No. 5 will be formed to take ownership of the completed building. Units in the trust will be offered to wholesale investors with a forecast average annual cash return of 9.1% over the first three years following completion (subject to conditions – returns not guaranteed). For further information contact Steve de Nys: sdenys@strongholdinvest. com.au / 0413 515 808