DIPLOMA Group has received development approval for the $24 million serviced apartment development in Rockingham, Western Australia.
Diploma has secured Quest Serviced Apartments on a 10-year lease with further options.
To be located at 24 Flinders Lane, the serviced apartment complex will include 48 units over seven levels and 48 car bays.
Diploma chief executive Nick Di Latte said this is the first of a series of proposed Quest Serviced Apartment transactions Diploma and Quest intend to deliver to the market place.
“Given the underlying demand for hospitality accommodation in WA at present and the shortage of quality rooms, the two factors combined provide a level of confidence about the success of the project post-delivery.” he concluded.
Construction is expected to commence in early 2013 with completion by late 2013.
Property Review
