One of Mackay’s most iconic watering holes has been snapped up for an astonishing price.

An interstate investor purchased Taylor’s Hotel last week for a whopping $3.2285 million.

The well-known property, located in a prime CBD position on the corner of Wood and Albert Streets, has a unique pre-war history and a loyal following.

Purchased on an 8.31 per cent yield, the tenants are locked into a 15 year lease to 2029 plus five 10 year options.

Burgess Rawson directors Pat Kelly and Billy Holderhead said the blue-chip tenant was a serious drawcard for the buyer.

“The recently upgraded Mackay hotel featuring a bar, pokies and Liquorland drive-thru caught the attention of several investors,’ Mr Kelly said.

“The property is leased to The Coles Group, which easily makes this a blue-chip asset given the ASX-listed retailer is a triple A covenant.

“The unique history of the property meant investors were keen to add this calibre of investment to their portfolio.’

The 128 sqm CBD site has returns of $277,689 per annum, plus GST.

For more information on this listing or any other properties, contact Billy Holderhead on 0422 817 696.

Written by Rainee Shepperson, the Daily Mercury