“For the past ten years, Quest has grown at a rate of eight new businesses per year and we expect this rate of growth to accelerate considerably over the next decade,” said Paul Constantinou, Chairman, Quest Serviced Apartments.
“To enable this to happen, we need property developers who are prepared to build our properties, and in turn, they need investors who will purchase the end product,” he said.
“The establishment of Quest Properties will enable this to occur more effectively.
“Currently, our investors collectively own over 5,000 individual Quest apartments.
“These have been sourced through a variety of channels, ranging from real estate agents and financial planners to the developers themselves.
“It has been unstructured and very disparate.
“The establishment of Quest Properties allows us to wrestle back control and set the record straight on a lot of the misinformation out there in the market place.”
Mr Constantinou claimed: “We are at the tipping point now where in order to grow at the rate required to meet corporate demand for our product we need a dedicated division to facilitate new investment in our business.”
The first new release of Quest Properties investments includes four existing properties: Quest Maitland (NSW), Quest Albury (NSW), Quest Launceston (Tas) and Quest Mooney Valley (Vic).
Opportunities to invest in green field properties will come online in the future.