Quest Serviced Apartments has launched Quest Properties – a new dedicated business division to help facilitate its on-going expansion plans.
Quest is seeking to increase the number of Australians directly investing in the properties it manages, to make it easier to attract developers to build new sites.
“For the past ten years, Quest has grown at a rate of eight new businesses per year and we expect this rate of growth to accelerate considerably over the next decade,” said Quest chairman, Paul Constantinou. “To enable this to happen, we need property developers who are prepared to build our properties, and in turn, they need investors who will purchase the end product,” he said.
“Currently, our investors collectively own over 5000 individual Quest apartments. These have been sourced through a variety of channels, ranging from real estate agents and financial planners to the developers themselves. It has been unstructured and very disparate,” he said.
“Quest investments are really in a class of their own. They look and feel like a residential investment, without the typical frustrations like vacancies, repair and maintenance obligations, body corporate charges and real estate agent/management fees.
“The establishment of Quest Properties allows us to wrestle back control and set the record straight on a lot of the misinformation out there in the market place,” he said.
“Over our 24 years of operation, we have struck upon an incredibly successful business model which aims to allow all our stakeholders to share in our success – from our franchisees, to property developers to individual investors,” Mr Constantinou said.
The Quest Properties division will comprise a team of dedicated property sales and investor relations advisors who will provide new investors with a trusted source of information about the Quest product and serviced apartment industry.
The first new release of Quest Properties investments includes four existing Quest properties: Quest Maitland (NSW), Quest Albury (NSW), Quest Launceston (Tas) and Quest Mooney Valley (Vic), while opportunities to invest in green field properties would come online in the future.
“We’re offering people the opportunity to grow their wealth through the growth of our business and our commitment to corporate Australia,” he said.