The International Lodge Motel in Mackay has been sold for $2.75 million in an off-market deal.
The 20-room motel at 40 MacAlister Street occupies a 1,018sq m site located in the heart of Mackay city, just off the city’s main street, Victoria Street.
It is close to restaurants, clubs, shops, showgrounds, the Bluewater Lagoon, Mackay Entertainment Centre and bus depot, as well as the Canelands Shopping Centre.
It was purchased by local current local motel operator Chandu Chatla from owner Hunter Lin in a deal negotiated by Knight Frank agent Glen Cummins.
Mr Cummins said the property was sold off-market, with a handful of buyers that were approached interested in the asset.
“The International Lodge Motel offered a great opportunity to buyers, being situated in a central CBD location and providing a good net profit,” he said.
“The vendor had been operating the motel for 11 years and was looking to retire, so we took the property to buyers via an off-market campaign.
“The successful buyer had been waiting for a freehold motel in Mackay to come to market, so when presented with the opportunity he snapped it up.
“Leaseholds and freeholds for motels are still very much sought after with plenty of buyer interest. Stock of both are limited so they go quick when come to market.
“With strong domestic travel trends, stable cash flow due to strong regional occupancy rates, the opportunity for value adding upgrades and relatively low entry costs, motels make an attractive investment.”
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