Generally the location is a mix of what is easiest to cable to, some locations may be more difficult to get access to.
Also then what is the most secure location and also an area that looks the best.
So say if it was a business the alarm panel typically may go in somewhere like the safe room, comms room or a services riser. Domestic installs typically go in robes or cupboards.
So considerations are:
Making it less available to any possible intruders either when they
have broken in or if they are casing somewhere. If they intend to try
to tamper with it make it harder for them to get to and to know about
and find in the first place.
Making it more secure or harder to get to by putting it in a more
secure location, physically secure such as in a room with a strong
door, better quality locks or so on. Also in an area with electronic
security such as being in a room with sensors so they will set off
detectors before they are even in front of the panel. Panels do
typically have tamper detection however there are often ways around
it, so this is where it being covered by a sensor applies.
Realistically putting it somewhere that is actually possible to
cable, some installs may be extremely difficult to do certain locations.
Aesthetics wise, installing it somewhere unobtrusive where you are
not looking at an ugly box all the time.
Somewhere it can actually be worked on by a tech, generally
will not be worked on often but sometimes you get locations where the
panel is put somewhere extremely difficult to find (like a hot dusty
roof space) or get access to (such as you can't even get the door
open). This will hamper any technician working on it.
It's always a compromise of some sort between these points, your suggested location sounds fairly typical so would likely be a good bet.