Kinselas Sells for $12 million

By Andrew Starke

The Kinselas Hotel in Darlinghurst has been acquired by the Riversdale Group from McHugh Holdings for $12 million.

The deal includes an adjoining office block.

The sale of the Bourke Street property signals the break-up of a pub empire that also includes the Colombian Hotel, the Shore Club Hotel and the Steyne Hotel in Manly.

The Kinselas Hotel has 30 poker machines and is believed to have sold on a yield of more than 12 percent.

The Shore Club Hotel will be auctioned off on March 18 while McHugh Holdings is also understood to have received offers for the Steyne Hotel.