90 North, an international real estate investor and adviser, has acquired the brand-new Quest Apartment Hotel in Greater Springfield, Queensland, in a transaction worth A$24.3 million ($18.05 million).
90 North acquired Quest Springfield Central from the Springfield City Group (formerly Springfield Land Corporation).
The deal is 90 North’s first investment in Australia and coincides with the one-year anniversary of the company’s launch in Sydney in 2017. 90 North, which specializes in socially responsible real estate investments, has acquired Quest Springfield Central in a venture partnership with a Saudi-based investment partner.
Quest Springfield Central provides 82 serviced apartment-style hotel rooms. The brand-new development, which also includes a childcare center and three ground-floor retail units, has been let on 15-year leases with fixed uplifts.
Located southwest of Brisbane, Greater Springfield is Australia’s first privately built city and the country’s largest master-planned community (10th largest globally). Quest Springfield Central, based in the city’s combined 52ha Health City precinct, will have an ultimate value of A$6 billion ($4.46 billion). It is located opposite one of Australia’s newest and most advanced private hospitals, the Mater Private Hospital Springfield and is next to special medical suites that are currently under construction. Quest Springfield Central will also support a significant regional cancer-care facility. Having already attracted nearly A$15 billion ($11.14 billion) in both private and public investment, Greater Springfield continues to grow by about 18 percent per annum and has a rapidly expanding population of nearly 40,000.
90 North has executed 32 acquisitions in United Kingdom, Europe, the United States and Australia.