Quest Apartments, Orange NSW

Address Summer Street, Orange, NSW

Nature Development

Purchased 2007

Type Serviced Apartment, Retail

Status Construction Pending

Holding Vehicle Prime Access Property Fund

PrimeSpace is currently finalising the construction on a new serviced apartment complex in the heart of Orange in Central NSW. Orange is located in the Central West of New South Wales and is approximately 260 kilometres west of Sydney and 290 kilometres north of Canberra. The apartment complex will comprise 49 serviced apartments (comprising 85 keys) across three levels as follows:

• Level 1 – 17 units
• Level 2 – 17 units
• Level 3 – 15 units

It will also comprise 1,062 sqm of retail space on the ground floor, providing opportunities for new and existing businesses to be part of the exciting new property.

Configuration of apartments is as follow:

• 2 Bedroom (73 sqm)
• 2 Bedroom, Twin Keyed (74.2 sqm)
• 3 Bedroom, Twin Keyed (89 sqm)

PrimeSpace has reached an agreement for lease for the apartments to be operated by the Quest Serviced Apartment Group (“Quest”). Quest is Australia’s largest operator in the serviced apartments sector, operating not just in Australia, but spreading the serviced apartment trend into New Zealand and Fiji. Quest has 125 serviced apartments located throughout the three countries listed above, and have been established for 20 years in Australia. Quest’s business thrives by understanding and accommodating for the needs of corporate travellers who travel away from their homes and offices for prolonged periods of time. They locate the most popular corporate traveling spots and strategically build serviced apartments in these locations.

The property is owned by the Prime Access Property Fund.

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