Tuesday, 29 July 2014

Quest to Open $30m Property in Frankston

AN39-1-DN-Quest Frankston PeninsularQuest Serviced Apartments will open a new property in Frankston, Victoria after signing a long-term lease with development partners The Asian Pacific Group.

The new $30 million, 81 serviced-apartment property will be located at 435 Nepean Highway at the site of the previous Peninsula Centre. It is expected to be completed in early 2013.

Paul Constantinou, Chairman, Quest said thanks to the support of council and the Asian Pacific Group, the new Quest Frankston would transform the Peninsula Centre site and provide much-needed quality accommodation to people visiting the area. "Our focus is to provide corporates with flexible quality accommodation in the locations they need it. Simply, our business growth is based on supply and demand and in recent times the greatest demand has been in growing regional or suburban locations like Frankston," said Mr Constantinou.

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.

Mr Constantinou says Frankston, which is the gateway to the Mornington Peninsula and on the fringe of the south east growth corridor of Melbourne is of strategic importance to Quest. "We already have a property here but with Frankston and its surrounding regions continuing to grow, there is a need for additional supply of quality accommodation," he said.

"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 – it's great to be continuing that relationship for the benefit of Frankston," said Mr Constantinou.