Quest to operate serviced apartments in RotheLowman-designed Frankston property
Quest Serviced Apartments will operate a new property in Frankston, Victoria after signing a lease with development partners the Deague family’s Asian Pacific Group.
The $50 million project will refurbish the Nepean Highway complex known as the Peninsula Centre.
There will be 81 serviced apartments within the 150-apartment Rothelowman-designed building, which is expected to be completed in early 2013.
Quest chairman Paul Constantinou says the deal Quest was part of the group tapping into the greatest growing demand, which has been in regional and suburban locations.
“Quest’s expansion into Frankston is part of the company’s accelerated growth strategy, which will see it double its new property openings to 15 per year,” he says.
“We’ve built a solid association with The Asian Pacific Group, having partnered with them on other successful developments including Quest Hawthorn and Quest East Melbourne in Victoria and Quest Potts Point in NSW,” Constantinou says.
Quest Serviced Apartments, which was established in 1988, has more than 140 properties in Australia, New Zealand and Fiji. It caters for corporate travellers, who make up 80% of revenue.
Frankston City mayor Brian Cunial says the people of Frankston have been waiting a long time for the Peninsula Centre to be redeveloped.
The Quest part of the redevelopment is worth $30million of the total $50 million.
