Secondary markets benefit as Pellicano and Quest expand their national presence
Metro and regional centres alike stand to gain as developer Pellicano announces the latest round of cooperation with short stay provider Quest.
A trio of new locations have been announced in recent days, bolstering the relationship between the duo which already includes a Quest presence in Brisbane's WOOLLOONGABBA and metropolitan Melbourne's Dandenong. Gold Coast's Robina is to be joined by new Victorian locations in Geelong and Preston as Pellicano aggressively expands its development pipeline.
Including the Quest apartment hotel at Ballarat Station’s $51 million mixed-use redevelopment, the quartet of projects stand to deliver 328 Quest apartment-hotel rooms, 99 purely residential apartments, a combined retail space of 2,500 square metres and a conference centre/theatrette.
All four projects have a nominated 2020 completion date, ballooning the combined Pellicano and Quest partnership to 555 rooms over eight locations.
What they say
The newest deals with Quest will take our relationship to eight projects over the past decade.
The mixed-use nature of Quest’s offering combined with our residential apartments is a complementary offering and gives us the opportunity to value add by forming agreements with Quest to offer hotel-like services to the residential occupants in the building.
Pellicano managing director Nando Pellicano
We are fortunate to have established a long term partnership with such a renowned developer as Pellicano. We look forward to providing greater apartment-style accommodation for our corporate and leisure travellers, in locations where our customers need to be.
Chairman of Quest Apartments Hotels, Paul Constantinou
The latest announcement is a boon for both developer and operator.
Beyond the fruitful relationship with Quest, Pellicano has a number of active residential projects in both Melbourne and Brisbane, with the latter a joint venture alongside fellow Melbourne-based developer Perri Projects. Dubbed South City Square, the multi-towered precinct's current build includes 140 apartments within the latest residential tower, with future stages still to be delivered.
Urban.com.au recently revealed that Pellicano injected itself into Melbourne's Brunswick via a new apartment project which is now at planning.
Designed by Six Degrees Architects and including 66 apartments, the development at 212-214 Albion Street finds itself in a pocket of apartment projects, both existing and in development, that maintain a high degree of design nous coupled with environmental sustainability. The Albion Street 1,530 square metre site was nabbed by Pellicano for $5.8 million during mid 2017.
Bolstered by Sinagporean firm The Ascott Limited increasing its stake in Quest lat year, the brand is proliferating at pace across Australia and elsewhere.
Whilst Ascott’s overall portfolio has expanded to 507 properties across 124 cities, Quest has for the most confined itself to Australia. It maintains a presence in over 150 locations across Australasia, although plans are in place to open as many as 10 apartment hotel properties in the United Kingdom over the coming five years with Liverpool the first nominated city.
The operator's most recent Australian project to reach completion was Quest Pacific Epping which was subject to a separate development agreement between Quest and Pacific Shopping Centres. Head contractor Maben recently completed the seven level complex which involves retail tenancies, office space and 96 rooms.
