We are pleased to announce the successful negotiation of a long-term lease extension at our Quest Hotel in Springfield, Brisbane.
Following the assignment of the lease to a new franchise owner in early 2024, discussions commenced to secure an extended lease term, resulting in a favourable agreement for both parties.
The agreement extends the existing 15-year lease by an additional 10 years, bringing the total lease term to 25 years, with a new lease expiry date of March 11, 2043 and provides the tenant with an additional 3 months rent free. This extension underscores the tenant’s strong commitment to the property and the long-term viability in the Springfield area.
Thanks to Tim Byrne of L J Hooker Commercial for leading the negotiations.