Quest property proves compelling investment
One of Australia’s largest accounting and financial advisory firms has purchased a Quest Serviced Apartments property on behalf of a syndicate of investors – showing interest in this emerging asset class.
Crowe Horwath Property, which typically syndicate retail, industrial and commercial property assets for its clients, made the significant investment into the 104-key Quest Albury property in NSW – its first foray into the accommodation sector.
Quest chairman Paul Constantinou explained the transaction is part of a growing trend with investors seeking opportunities away from the traditional commercial, industrial and retail sectors. “During uncertain financial times, investors are turning away from traditional assets, preferring instead to safeguard their financial future by investing in assets that they can see and understand,” he said. And, as an emerging asset class, an investment in a Quest property provides predictable returns, fixed rental income, the security of a long-term lease and no management fees,” Mr Constantinou said.
Crowe Horwath Property senior manager, Julie Perry, said the investment in Quest Serviced Apartments was the result of a search for stable cash generating and capital growth property investment opportunities favoured by their company’s clients.
“We have found that our clients are becoming more astute to the various opportunities in the market. When we provided them with an opportunity to invest in a strong performing but diverse asset style property, the response was overwhelming,” she said.
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