Mackay Grande on the market as Carmichael looms
The privately held Mackay Grande Suites is on the market with expectations of $30 million or more as the Queensland coastal town prepares to become a service hub for the giant Carmichael mine.
The 4.5-star hotel, in central Mackay, has 90 guest suites and apartments, as well as conference facilities.
The six-storey facility, opened in 2007, is being sold with vacant possession by its owner, John Cowley’s Cougar Developments.
The move to sell comes as the northern Queensland centre anticipates an economic uplift from the massive $21 billion Galilee Basin coal mine controlled by Indian multinational Adani.
“The offering allows the owner operators and hotel investors to reposition the property if required,” Mr Cowley said.
“The Mackay hotel market has stabilised and would offer an incoming purchaser the ability to benefit from what the market has to offer.”
Colliers International agents Neil Scanlan and Leo Carne have been appointed to handle the sale of the hotel, at 9 Gregory Street, which could attract offers of $30 million or more.
Mr Scanlan said the hotel had several income streams through accommodation, food and beverage and gaming.
“In 2016 the hotel achieved an occupancy rate of 62 per cent, with the total turnover being circa $10 million,” he said.
Mr Carne said Mackay, already at the centre of the region’s sugar cane industry, could expect significant employment and economic growth when Australia’s largest coal mine opens.
The listing of the hotel comes as the booming national hospitality industry experiences rising international visitor numbers and a wave of new hotel openings in the major cities.
The Mackay market has matured with no more addition to supply, said Mr Carne. “So this region is likely to continue to grow from strength to strength.”
