Taylor Square pubs sell for $6 million loss

Kinselas and the Courthouse Hotel on Taylor Square in Darlinghurst. Photo: Google Streetview.

Darlinghurst’s Courthouse Hotel and Kinselas pubs on Taylor Square have changed hands for the second time in three years – and for a $6 million loss on the last sale price.

The Universal Hotels group bought the two Taylor Square venues in 2017 before selling them to MA Financial for $67 million in 2020.

However MA Financial have now offloaded the venues to private property developer Virtical for $61 million as part of a $126 million assets splurge by Virtical over five months that also includes buying up Pitt Street’s The Republic Hotel and Melbourne’s Adelphi Hotel.

MA Financial had plans to merge the two hotels into one new mega-venue entertainment complex with open air courtyards between the two pubs to take advantage of the resurgence of Oxford Street following the end of COVID lockdowns and the repeal of Sydney’s lockout laws

However they found the precinct had taken longer than expected to revitalise.

“While we are confident the precinct will thrive over the longer term, this combined with changes in the construction and funding markets has meant the timeframes associated with redeveloping the iconic site now sit outside the fund’s target investment horizon,” MA Financial’s Chris Unger told the Sydney Morning Herald earlier today.

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Andrew M Potts

Andrew has been covering LGBTQIA+ issues for a range of publications in Australia over two decades and was the Asia-Pacific correspondent for global LGBTQIA+ news website Gay Star News.

QNews, Brisbane Gay, App, Gay App, LGBTI, LGBTI News, Gay Australia

1 Comment

  1. 22 September 2023

    They lost the Harbour City Bears on a Friday night from Kinselas which provided more revenue than the other 6 nights combined. That patron nos. in that venue never recovered. Harbour City Bears had been there for 9 years prior and maintained an excellent relationship with all it’s previous owners/operators.

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