New Development Projects Will Improve Eastern Hub of Perth

According to property analysts, the eastern hub of the Central Business District of Perth will become a location that is just as attractive as the western end of town. Until now property analysts have said that the eastern hub has been buoyed by projects such as the new Condor tower and the Equus serviced apartments that are housed in the former Cinema City site.

The development would be targeted toward the area located at the end of Terrace east of William Street and also east of Barrack Street to make the eastern section of town into a hub. Property analysts feel that the new precinct holds a lot of potential of potential for growth due to the fact that a substantial number of serviced offices would be a significant portion of the project. This would mean a lot of people would be coming to the city to work and will choose to live there as well.

The project would include Equus, a $280 million project at the east of the Hay Street mall that would house serviced offices, serviced apartments, and retail facilities in the 26-floor complex that consists of three buildings that are connected together and have their own elevators and lobby. Construction on this complex has started and is expected to be complete by April of 2011.
Eighty percent of the serviced apartments have been sold and seventy percent of the commercial and serviced office space has also been sold. Marketing of the ground floor retail facility which will include cafes and boutiques will begin about 15 months prior to project completion. The ground floor retail facility will stretch from Hay to Murray Street.

The development will have resort style facilities that include a pool and gym and the commercial serviced office suites will total 8000 square metres of space. The Condor Tower will be completed early this year and will provide 24 floors of serviced apartments offering 152 units, two retail outlets, six commercial offices and 48 car bays.

Condor Court will be a six-floor building that will offer 30 serviced apartment units, four shops, and 12 commercial suites, and will include a gymnasium and a pool. The property is being developed by Condor Development Ltd.

Royale which is located near Hay Street will be a large residential project offering 193 serviced apartments and four commercial office suites. The building is nine stories high and includes two pools, sauna, spa, and gym which are built on the former RAC site.

There are several additional complexes on the site that will be constructed for serviced office space, serviced apartments, and additional commercial and retail space. The building includes the Treasury Building, Town Hall, Durack, Central Law Courts, Cathedral Square, and the Saint.

Quest to Open Its 126th Serviced Apartment Property in Central Queensland

Quest Serviced Apartments plans to open its 126th serviced apartment property next month in Gladstone, Central Queensland.

The new serviced apartment property at 39-43 Bramston Street, Gladstone, will offer 82 units that range from studio, one, two, and three bedrooms with self catering facilities and the latest in technology and comforts. The serviced apartments are equipped with high speed Broadband Internet access, iPod docks, flat screen LCD televisions, and Austar connection. The property offers complimentary car parking onsite, a swimming pool, and barbeque area.

Additionally there will be a host of breakfast options, a pantry shopping service, chargeback at a selection of local restaurants, and business administration services. For business clients seeking to hold a conference or seminar, the conferencing facilities are capable of catering up to 50 clients.

The new serviced apartment complex is located within close proximity to the Gladstone airport, within 600 meters of the Central Business District of Gladstone, and 1.9 kilometers from the Marina. It is expected that the population in Gladstone will double by the year 2026 with the city situated at the gateway to the Great Barrier Reef. Additionally, the rapid growth of surrounding regions in north-east Australia can account for the sound management at all levels by government and industry. Quest has been keeping up with the growth in these areas where there is a constant demand for high-quality and contemporary serviced apartment accommodation options.

Quest Gladstone serviced apartments are also located in an ideal position for travelers seeking access to the Gladstone Hospital, Entertainment and Aquatic Centers, Central Queensland University, and the multi-purpose sports complex. Move and Stay at www.moveandstay.com.au will have additional information on accommodations at Quest properties.

Quest chooses serviced apartment property locations in the Central Business Districts, metropolitan and regional precincts, due to their close proximity to business centers, restaurants and shopping, as well as additional conveniences, to enable guests to be able to conduct their business and enjoy lifestyle options without having to travel long distances.

The opening of Quest Gladstone next month will follow recent openings in the Sydney Central Business District and Potts Point, Albury, Ipswich and Chermside, Ivanhoe and Glen Waverley. Since 1988, Quest has created a network of 120 strategically-located serviced apartment complexes.

Corporate Travelers Fuel the Serviced Apartment Sector in Australia

Despite the reports of an economic downturn, the serviced apartment sector in Australia expects the competitive pricing offered to corporate travelers to fuel the growth of the industry. The serviced apartment industry is currently worth $2.2 billion in Australia which is an increase from $1.5 billion in 2005.

According to Allan Vidor, managing director of Toga Group, the additional space that is offered with serviced apartments coupled with five-star amenities for less than hotel price, make serviced apartments the preferred option for short and long term housing. The growth is driven by corporate traveler preferences for the more flexibile lifestyle that is possible with serviced apartment living.

Toga owns the Medina serviced apartment group as well as the Vibe and Travelodge hotels.

The serviced apartment industry in Australia has increased at an average of 6.3 percent annually with hotel revenue growth trailing at an increase of only 4.7 percent. For the year 2009 the revenue growth for serviced apartments is expected to be at 3.9 percent with the hotels trailing at a three percent increase.

New serviced apartment properties are being established throughout Australia due to the fact that developers find them easier to finance and construct than hotel properties. Additionally, serviced apartments are usually established in prime locations and the developers can contract for serviced apartment management which creates attractive packages for investors.

IBIS World Business Information predicts the serviced apartment industry will face a difficult year, however, the industry is recession resilient and will remain strong during the next five years. Corporate client prefer these accommodations over a single hotel room with expensive amenities.

Stella Group is currently the largest serviced apartment operator in Australia with 15,000 units under management and 143 serviced apartment properties throughout Australia with 13 properties in New Zealand. The company recently purchased Outrigger and Seville chains and open a 330 unit serviced apartment building in Darwin.

Additional information on serviced apartment accommodations in Australia can be obtained from Move and Stay at www.moveandstay.com.au .