STORY ACCREDITATION: The Border Mail, 30 September, 2025 | WRITER: Ted Howes
The Quest Albury building on Kiewa Street occupies a 3079 square-metre corner site. Picture supplied
One of the Border region’s biggest hotels has sold for $28.5 million.
The freehold for Quest Albury on Kiewa Street, which houses 2640 Restaurant and Bar and Endota Spa, was put on the market in June.
National brokerage firm HTL Property, and Dixon Commercial, have announced the sale without disclosing the name of the buyer.
The package sold for $28,510,000, reflecting an initial yield of 8.04 per cent.
Dixon Commercial Real Estate director Andrew Dixon, who assisted HTL Property with the sale, said the buyer was based in Sydney.
“It got a lot of interest, it’s a landmark in Albury, so we knew there would be a lot of people looking at it,” Mr Dixon said.
“Two local Albury investors were watching closely, but it went to a Sydney investor.”
Sold on behalf of a locally-based investment syndicate represented by Paul Lachal of the advisory group Lachal Property Group, the transaction attracted interest from both private and institutional capital sources.
The Albury syndicate bought the building in 2013 for $24.8 million.
“The Quest Albury is one of the largest properties in the national Quest network on a per-key basis, and enjoys a secure long-term lease to an experienced franchisee through to 2048,” HTL Property’s national director of accommodation, Andrew Jackson, said.
“With a current net rental of circa $2.25 million, the transaction presents a compelling income play in a region experiencing sustained economic growth.”
Quest Albury on Kiewa Street includes 60 rooms. Picture supplied
The building occupies a 3079 square-metre corner site comprising a mix of studios and one, two and three-bedroom serviced apartments.
It has conference facilities, a guest gym, manager’s residence, on-site parking, and two retail tenancies.
2640 Restaurant and Bar has a lease in place until 2031. Picture supplied
Quest has more than 170 properties across Australia, New Zealand, and Fiji, including apartments in Albury in the former woolstore building on Townsend Street, as well as a hotel on Reid Street in Wodonga, next to the Huon Hill Hotel.
“Sales of investment-grade assets of this calibre in regional Australia have seen significant growth in recent years,” HTL property director Scott Callow said.
“With the current median price per key up 34.5 per cent over the past five years, and yields tightening across the sector, existing stock remains keenly sought after in the face of elevated construction costs; and limited new supply.”