Star snares Mackay hotel, shops
Star Group, Queensland’s largest independently owned and operated pub and liquor retail group, has bought adjoining Mackay investments.
The Rydges Mackay Suites and Mackay Central shopping centre on Gregory Street, are costing c$30 million from Richard Pegum and Geordie Clark, which held six years.
The deal comes a month since Star outlaid $60m for the four year old Rydges Gold Coast Airport, with 192 rooms over seven floors.
In that case the Rydges name was retained.
Following settlement of the Mackay properties, Star will hold 51 licensed venues.
It also retains 115 bottle shops and eight traditional tourist accommodation venues.
All its portfolio is in Queensland.
Mackay assets
Mr Pegum an ex-Macquarie banker, also part of a syndicate which owned 2000 Melbourne Cup winner, Brew, and Ms Clark, outlaid c$25m for the Mackay assets, then known as Mackay Grand Suites (story continues below).
Completed in 2007, the hotel contains 90 rooms, rated 4.5-star, three conference rooms, two bars, a restaurant, indoor pool, gym and gaming room with 35 electronic gambling machines.
It is also permitted for footpath dining.
The adjoining Mackay Central contains 800 sqm, fully leased to four tenants.
The two properties cover a combined 2148 sqm.
“Both properties enjoy an advantageous location in Mackay’s CBD, offering excellent visibility and accessibility with high vehicular and pedestrian traffic,” CBRE marketing agent, Wayne Munz, said.
“Given they are within one of the city’ most active precincts, the assets are poised to benefit from the region’s robust growth, fuelled by over $14 billion in ongoing government infrastructure projects,” he added.
Rydges Gold Coast Airport was divested by John “Foxy” Robinson.
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