Landmark Sydney harbourfront hotel Q Station has changed hands in a deal struck during the city's lockdown for an undisclosed price believed to be circa $15 million.
The leasehold to the historic hospitality venue at Manly's North Head has been snapped up by hotelier Glenn Piper, owner of the newly renovated Harbord Hotel at Freshwater Beach.
Piper will take over Q Station—subject to formal approval from the National Parks and Wildlife Service—from the current owner Mawland, with 29 years still to run on the lease.
The deal comes as domestic and international borders start to reopen, reviving the country's hard hit tourism assets.
Q Station comprises a 105-room hotel managed by Accor Hotels as well as multiple food and beverage outlets on a 30ha site with its own private beach on Sydney Harbour.
It is part of the heritage-listed site of Sydney’s former quarantine station, which operated from 1832 to 1984 to isolate overseas migrants suspected of carrying infectious diseases.
The leasehold sale was negotiated by Tom Gibson and Vasso Zographou of CBRE Hotels, with Andrew Jackson and Nic Simarro of HTL Property.
More than 250 enquiries from local and offshore parties were fielded for the asset and 13 bids put on the negotiating table.
“The sale of Q Station is a great example of the resilience of Sydney’s hotel investment market and the continued interest in institutional grade tourism assets,” Gibson said.
Jackson said the nature of the offering with a hospitality and tourism focus appealed to all investor types.
“But given the timing of the offering through NSW’s harshest lockdowns, it was incredible to see the level of confidence from the market,” he said.
Mawland directors Suzanne Stanton and Max Player, who have operated Q Station since 2008, said the venue was “ready for a new layer of history and we are excited to see value added to the property and operation under the care of its new leaseholder”.
Piper described the hotel as “an incredibly special asset” and said he was “absolutely thrilled to be given the opportunity to operate Q Station and enhance its offering”.