THE first franchise managers of Quest Apartments in Kiewa Street have decided to sell the business they started 11 years ago.
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Husband and wife Noel and Madeline Wood moved to Albury from Wagga to run the the city's first Quest Apartments before they opened another in Townsend Street in the former woolstore building which they will continue to operate.
They also briefly ran Quest in Wodonga when it opened as part of the Huon Hill hotel complex developed by businessmen Bill Perry and Colin Joss.
The leasehold sale is being handled by agents, Resort Brokers Australia, with an estimated price tag of $2.05 million.
"We just want to give someone else the opportunity to continuing growing Quest Albury," Mr Wood said.
"It has been a fantastic journey.
"Quest is a very good brand and is coming up to 30 years now.
"Corporates love them because they stay nightly, weekly or monthly.
"But we just want to start to wind down a bit and keep Quest Albury on Townsend going."
The Kiewa Street Quest property was developed at a cost of $17 million with the Townsend Street business opening in 2015 after a $11 million redevelopment of the site partly occupied by the Australian Taxation Office before its relocation to Smollett Street opposite St Patrick's Catholic Church.
The Kiewa Street Quest has 104 studio, one, two and three bedroom serviced apartments with gymnasium, conference facilities and onsite car parking.
It is presently operating at a 69 per cent occupancy with a high volume of corporate clients.
A refurbishment of the building is planned by its owners in coming years.
Mr Wood's involvement with Quest properties began in Melbourne about 25 years ago.
Quest Apartments is also developing a $12 million complex in Wangaratta on the former plaza shopping centre site in Docker Street in conjunction with Albury-based Joss Group.
Meanwhile, the former Q Manhattans restaurant site, which is separately leased within the Quest Apartments building, is due to re-open in coming weeks by new operators.
Q Manhattans closed in recent months.